5 Ways to Save On Tax
That’s right no one wants to pay more tax than they have too so we thought we could share a few ways that you may be able to save a little money –
1 – TAX FREE ALLOWANCE
Did you know that as of April 2021 we all have a tax free allowance of £12,570 each? If your not already using this personal allowance maybe now is the time to look into how you can. If you need help understanding this Corcillium Wealth Management would love to hear from you.
2 – PENSION CONTRIBUTIONS
Did you know that subject to certain limits the more you pay into your pension the more you can save on your tax. It’s not something that is easy to explain and all of us will have very bespoke needs that will require an understanding of your position. If you want to ensure that your pension contributions are tax efficient why not get in touch today.
3 – SELF EMPLOYED
Did you know that you can claim for lunch and clothing daily and although its not much daily it can add up to hundreds by the end of the year. That’s not all, charitable donations, allowable expenses and many other options are available for you to become more tax efficient. Want to know more? Why not touch base with our advisors today.
4 – ISA ALLOWANCES
There is no income tax to be paid on assets held in an ISA up to 20k per person per year so is a great way to invest without the tax man taking your hard earned cash and if married that can double to 40k per tax year by each investing in an ISA. Why not get in touch to find out more about how ISA’s might work for you.
5 – TRANSFERRING ASSETS
Did you know that you can transfer assets to your partner if its feasible to do so which could also help you become more tax efficient. It will be different for everyone as we all are different but dependent on your circumstances this could also be another way of saving tax and keeping more hard earned cash in your own pocket.
We love helping our customers and ensuring their money is working hard for who earnt it so, why not get in touch today to find out how we may be able to help you.
The value of an investment with St. James’s Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount invested.
The levels and bases of taxation and reliefs from taxation can change at any time and is dependent on individual circumstances.