How to Pay Less Tax

How to Pay Less Tax

 There are many ways to legally reduce your tax bill, whether you are an employee or self-employed, landlord, investor, or pensioner.

We explain how simple checks can increase your household income with minimal effort, and how you can benefit from tax breaks and government schemes.

 Here are 13 simple tips and tricks that can help you reduce your tax bill to put more pounds in your pocket. Who to start your 2019-20 tax return with? Accountants in Walsall Tax calculator Submit your bill, jargon-free, get money-saving points and submit your refund directly to HMRC.

Reduce Your Income Tax

 Let's start with the five easiest ways to save tax on your earnings.

1. Check Your Tax Code

Your tax code indicates how much tax HMRC will charge on your salary. You can obtain this on your payslip.

 Check your tax code each year, or after a job change, to make sure it's right for your situation. Find common people in our guide to understand your tax code.

If you are on the wrong code, you may be entitled to lower taxes in the coming months, or receive a refund for previous years.

2. Claim the Tax Credit

Tax credits provide extra money to carers for children, disabled workers, and other low-income workers.

There are two main types you can claim: Working Tax Credit and Children's Tax Credit.

Remember that you cannot claim a tax credit if you already receive universal credit.

3. Pay in the Pension Scheme

Support for your employer's pension scheme (including any additional voluntary contributions by you) can be obtained from your total salary before any taxes is collected.

The government will give you a pension with a tax rebate, which will give you a free bonus to save for retirement. You can use our Pension Tax Relief Calculator to see how much you can save.