Many UK households will pay roughly £1.1 million in taxes throughout their lifetimes. Working with a tax accountant in Leatherhead can help you reduce your tax legally and safely. However, here are a few other tips that might help!
Check the Tax Code
If you’re a part-time or full-time employee, you will likely pay tax on the PAYE scale. Therefore, your income tax gets deducted at the source and moves straight to the HMRC. You can find your tax code on your payslip, and those digits make a difference in the amount of tax you pay.
Claim All Allowable Expenses
Self-employed people have many allowable expenses that can bring down their tax bills. They include costs for running an office, train fares, website fees, and much more.
Tax-free Childcare
If you must pay for childcare in any form, you could receive it tax-free. Under the scheme, the government pays 20 per cent toward the childcare costs, which is a maximum of £2,000 per eligible child per year.
Pay into Your Pension
UK taxpayers often get tax relief on the money they put into a pension fund. Therefore, the government tops up the payments for your retirement savings. A tax accountant in Leatherhead can help you determine how much you can put in and how often.
Paying taxes is something every adult must do, but there are legal ways to lower the bill every year. Make sure you’re getting appropriate reductions by working with a tax accountant in Leatherhead from David Beckman Co, Ltd. You’ll be happy you did!
