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A tax-efficient Christmas!

Shared from Tax Insider: A tax-efficient Christmas!
By Richard Curtis, December 2023

Richard Curtis provides a few thoughts for seasonal tax saving. 

Christmas comes but once a year and while, one hopes, this is accompanied by a feeling of goodwill and generosity to all, this may not extend to HMRC! In fact, perhaps the seasonal expenditure on family and friends may prompt the idea that this may be softened by tax savings elsewhere.  

Here are a few ideas that could be relevant to individuals. 

Tax allowances 

Most UK residents are entitled to a personal income tax allowance (currently £12,570). Make sure it is included in a PAYE code, and it is worth checking overall tax liability at the end of the tax year. There are also allowances for bank and building society interest, dividend income and small sources of income (less than £1,000) from trading or property. Married couples not using their full allowance should consider whether

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