14 Tax Saving Tips

Here are some tax savings tips to help you pay less tax and keep your tax affairs in order:

1. If you send in your tax return over the internet you can save yourself £10 off your tax bill.

2. Make sure you check any calculation or tax code given to you by the taxman as they can make mistakes.

3. Make sure you keep all your tax records in a safe place and in good order as you can be fined by the taxman for not keeping records.

4. Make sure you don't send in your tax return late as you can be fined for a late return.

5. Keep in mind that the company car you choose to have will be taxed according to its carbon dioxide emissions and so you can save tax by choosing a car that produces low carbon emissions..

6. Take advantage of the tax incentives you get for taking out a pension.

7. You are allowed to make some gifts which would reduce your estates future inheritance tax liability.

8. Arrange to make a will as this will not only make things easier and clearer for everyone in the future but will also likely save some tax too.

9.Try to make use of your capital gains allowance that you are entitled to each year.

10. If you pay tax on your savings as a taxpayer, then a good idea is to take full advantage of tax free savings schemes such as ISA's.

11. If you do not pay tax (i.e. that you are a non-taxpayer) then make sure you do not pay tax on your savings.

12. If you want to give to charity, you can make sure the tax goes to the charity by using Gift Aid.

13. If you think you are paying to much tax on account, you can ask the taxman if you can pay less.

14. If you have a marriage partner, then make sure that any investment income you have is paid to the partner who pays less tax.