Meg Saksida highlights a selection of potential income tax savings to consider.
Another tax year end of 5 April comes and goes, and thoughts often turn to tax. Here is a selection of potential income tax savings ideas to consider, based on personal circumstances.
1. Contribute to your pension
Contributions to a personal pension are made out of taxed money. However, although the taxpayer puts in the net amount (e.g. 80% for a basic rate taxpayer), HMRC contributes the tax paid on the contribution, directly to the pension scheme. This allows the whole amount to be invested for the taxpayer tax-free; £80 from the taxpayer and £20 from HMRC. Once inside the pension, the investment grows free from income tax and capital gains tax. A UK resident under 75 and not already receiving a pension can generally contribute up to £40,000 from
