For many people, being able to afford to take care of themselves and their families is the top priority, but when you start to consider how much money you’re spending on taxes, this can seem like an uphill battle.

With the helpful advice of The Bailey Partnership, you can look to reduce your tax bills by making the most out of your allowances and tax reliefs.

If you’re self-employed, you can make the most out of tax-efficient planning, especially if you’re a director of a business. 

Directors have the option to pay themselves with a mix of salary and dividends, both of which are taxed differently. In doing so, you can avoid hitting higher-payment thresholds and have some more money to enjoy.

You need to consider your capital gains tax allowance if you’re selling residential property. It can save you money on the tax bills incurred by selling property or assets.

You can use a pension scheme – if you pay into one, you’re entitled to tax credits from the Government. This works as an incentive to save, which will benefit you later in life.

Don’t give away more than you need to HMRC. Get in touch with our tax specialists today.