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Do this now to reduce your tax bill

During the past year many people have found themselves spending less during Lockdown. Now is the time to put a bit of that spare cash to good use. You can reduce your tax bill, help others by giving to charity and build your own financial future with smart ISA investments.

Up to half the UK population could reduce their taxes by taking some simple steps before the end of the tax year on 5 April 2021. For example, for someone on a salary of £100,000 to £125,000, a £2,500 pension contribution could only cost £1,000 because of the tax being saved.

So, it really pays to check out what’s on offer before the clock ticks over to a new tax year on 6 April 2021.

Our Top 10 Tips things to do now to reduce your tax bill:

  1. Higher rate taxpayer? Then talk Salary-Sacrifice with your boss
  2. Use basic rate band by payment of dividends/bonuses.
  3. Maximise tax relief on your pension
  4. Use your Dividend £nil rate band of £2,000
  5. Use your £20,000 ISA allowance
  6. Make a Gift Aid donation to charity
  7. Think ahead to minimise your exposure to Capital Gains Tax
  8. Avoid the High-Income Child Benefit Charge if you make over £50,000
  9. Estimate value of estate and plan for potential Inheritance Tax liabilities
  10. Pay any overdue tax for 2019/20 to square your account and avoid interest/penalties

Go to our resources page to to download the full article

 

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