There are many ways to save tax. When we assess your overall financial position, one of the key elements of our planning will be to ensure that your arrangements are tax-efficient.
- Make sure that the married couple’s allowance goes to the person in the highest tax band (Note: only available if one partner was born before 6th April 1935)
- Make sure that non-taxpayers are invested in areas where they either get paid without deduction of tax, or can reclaim any taxes that have been paid
- Maximising pension contributions when relevant, producing instant savings through tax relief on your contributions. Consider also funding pensions for partners.
- Errors in the tax calculation. It is fair to say that for people whose tax affairs are simple (i.e. all dealt with through PAYE) errors are neither common nor significant. However, for those whose affairs require them to complete self-assessment forms then errors do occur, and it is worth having the figures checked.
This information is based on our understanding of current HMRC rules and practice. Tax rules and allowances are not guaranteed and may change in the future. To read more tax saving tips and about working and saving, visit our ‘Working and Saving’ page on the resources tab.