Taxes in the UK can feel overwhelming, from income tax and National Insurance to VAT and council tax. There are a raft of business taxes, landlord tax hikes under Section 24, as well as taxes on your savings, Capital Gains Tax and Inheritance tax.

But why do we pay so much tax? The answer lies in funding public services like the NHS, education, and infrastructure. High taxes are designed to support the welfare state and maintain social programs.

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10 Money Saving Tips

However, there are legal ways to reduce your tax bill. Here are 10 money-saving tips from Charles Kelly Money Tips Podcast:

1. Utilise Tax-Free Allowances: Make sure to use your personal allowance, savings allowance, and dividend allowance effectively.
2. Invest in ISAs: Individual Savings Accounts (ISAs) offer tax-free interest, dividends, and capital gains.
3. Contribute to a Pension: Pension contributions can reduce your taxable income.
4. Claim Business Expenses: If you're self-employed, claim all allowable business expenses.
5. Gift Aid Donations: Donations to charity through Gift Aid can reduce your tax bill.
6. Marriage Allowance: Transfer part of your personal allowance to your spouse if they're a basic rate taxpayer.
7. Make a Will and Plan for Inheritance Tax: Making a Will and planning ahead could substantially reduce taxes and stress for your dependents.
8. Use Trusts: Protect your assets for you and your family using the laws of trusts.
9. Avoid Section 24: Legally take steps to mitigate landlord taxes under Section 24.
10. Take Professional Advice: Using professional advisers can save you money and even reclaim some overpaid taxes, such as Stamp Duty.

By staying informed and using these strategies, you can legally minimize your tax liabilities and keep more of your hard-earned money.

For more tips on managing your finances and reducing your tax bill, subscribe to Charles Kelly Money Tips Podcast on YouTube!

How will Labour’s new Renters Rights Bill 2024 affect buy-to-let landlords?

The Labour Party’s Renters' Rights Bill 2024 is poised to bring significant changes to the UK’s rental market, impacting both tenants and buy-to-let landlords. Understanding these changes is crucial for landlords to navigate the evolving landscape effectively.

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A Lifetime of taxes

Income tax, VAT, Council Tax, Car Tax, Insurance and Travel Tax, Green Energy Taxes, BBC Licence Tax, Stamp Duty, Capital Gains Tax, Section 24, Business Taxes and the final kicker; Inheritance Tax for your dependents!

You can legally reduce and mitigate your taxes and inheritance tax for your dependents.

Wills and Trusts

New research from Canada Life reveals that over half of UK adults (51%)1 have not written a will, nor are they currently in the process of writing one. This includes 13% of people who state they have no intention to write a will in the future.

Section 24 Landlord Tax Hike

Interview with Chartered Accountant and property tax specialist who reveals options and solutions to move your properties from your own name into a limited company or LLP whilst mitigating the potential HMRC pitfalls.

Email charles@charleskelly.net for a free consultation on how to deal with Section 24, Wills and Trusts.

Watch video now: https://youtu.be/aMuGs_ek17s

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