top 5 tax saving tips

Top 5 Tax Saving Tips

From Wisteria Chartered Accountants

Many individuals can make tax savings, even if only small, without too much difficulty. Here are our top five tax saving tips.

Always check your tax code and tax paid for the year, even if you are employed and paid through PAYE. These can often be incorrect and you may overpay tax as a result which you may never recover if you don’t check.

1

If you are married or have a civil partner, make sure that you make use of all available tax reliefs between you.

2

When deciding on investments, make sure you consider the tax consequences.

3

Many tax efficient investments will produce a better return for higher rate taxpayers after taking account of the tax implications.

Think about timing. Where possible, it can often be beneficial to vary the timing of your income so that it falls into a different tax year.

4

This will not always save tax, but can often delay payment for at least a year.

Whatever your position, it is likely that you will benefit from taking professional tax planning advice from a Chartered Tax Adviser or Chartered Accountant.

5

The tax savings made will more often than not outweigh the fees charged.

Where can I go for more information?

For further information visit Wisteria at www.wisteria.co.uk .

Or contact us on:020 8952 0140

Email info@wisteria.co.uk