Tax is bad. Fact. Yes I know it helps to pay for stuff like hospitals, defence and MP's second homes; but that still doesn't make it any easier when you get your payslip at the end of every month and see a huge chunk taken out by the Government.
Well unfortunately we all have to pay tax (not strictly true, but as an accountant I charge for that advice :P) so you might as well pay as little tax as possible whilst claiming back some nice benefits which you have already paid for through your PAYE.
1. RECLAIM OVER PAID TAX
You can claim back upto 6 years in overpaid tax, which usually occurs through having time off work or being given the wrong tax coding. An accountant can help, or go here to calculate it yourself.
2. CLAIM TAX CREDITS
This sounds like something complicated to do with your tax code, but it isn't. In real terms its cash paid into your account every month (or week if you so desire). You can claim them whether or not you have children, and whilst you are working. Go here to see if you qualify.
3. CHILDCARE VOUCHERS
Well unfortunately we all have to pay tax (not strictly true, but as an accountant I charge for that advice :P) so you might as well pay as little tax as possible whilst claiming back some nice benefits which you have already paid for through your PAYE.
1. RECLAIM OVER PAID TAX
You can claim back upto 6 years in overpaid tax, which usually occurs through having time off work or being given the wrong tax coding. An accountant can help, or go here to calculate it yourself.
2. CLAIM TAX CREDITS
This sounds like something complicated to do with your tax code, but it isn't. In real terms its cash paid into your account every month (or week if you so desire). You can claim them whether or not you have children, and whilst you are working. Go here to see if you qualify.
3. CHILDCARE VOUCHERS
Via this method, a deduction is made from your salary and turned into vouchers to pay for childcare. Via this method you do not pay Tax or NI on £243pcm. This is per parent, so if both are working it can make quite a saving.
4. VISIT AN ACCOUNTANT
I know this sounds like a big advert for myself, but it is worth doing. It is especially useful if you are self-employed, rent property, are a Director or shareholder of a Company or generally have multiple income streams. Many accountants, myself included, would not charge for an initial consultation to indicate where savings could be made. Contact me at anooltd.com
I know this sounds like a big advert for myself, but it is worth doing. It is especially useful if you are self-employed, rent property, are a Director or shareholder of a Company or generally have multiple income streams. Many accountants, myself included, would not charge for an initial consultation to indicate where savings could be made. Contact me at anooltd.com
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