Tax Tip #2 Take Advantage
TAKE ADVANTAGE OF MANY TAX ALLOWANCES AND CREDITS AVAILABLE
Where possible, you should try to utilise some of the different tax allowances and tax credits available.
For example, to start with, you should look at the basics, like making sure you are fully utilising the annual personal allowance of £10,600, that is free from income tax.
You should also take advantage of tax reliefs offered on pension contributions, charitable donations and some of the many different tax efficient investments.
Importantly, you should consider all types of taxation. In addition to income tax, there are many valuable allowances, exemptions and reliefs available for capital gains tax and inheritance tax.