We have looked this week at ways of reducing your tax bill during times of higher inflation. Options we have covered include contributing to an ISA and we have looked at the various ISA’s available to you, such as Stocks and Shares ISA’s, Cash ISA’s, Lifetime ISA’s and Junior ISA’s.

We have also looked at how putting more money in to a pension can help reduce your tax bill as when you make a pension contribution this comes off your income figure for this purpose and so if the gross contribution is enough to reduce your total income below £125,140, you are able to offset or remove the reduction in your personal allowance.

WOULD YOU BE ABLE TO SAVE A LOT OF MONEY IN TAXES?

Using these allowances and reliefs could save you a substantial amount of money in taxes each year. Speak with us about to consider how to make the most of them.