Top Tips For Reducing Your Tax Bill

Tax is one of the most important aspects of any business or in fact most areas of your personal life. More often than not people tend to settle for the tax they pay and give little focus at all to the possibility of reducing this. Often this leads to many people paying incredibly high tax bills and leaving them with little money to save or even re-invest. Of course, saving and investing are some of the main areas where you can make a real difference in your earnings. After all, this money can often generate more income fairly simply.

Overpaying on tax can come down to a multitude of reasons from simply a lack of awareness to even an incorrect tax code. However, knowing how to spot these discrepancies and perhaps more importantly how to fix them is vital. One thing you should seriously consider if you’re a business or simply someone who wants to save money on their tax is hiring a team of professionals to help and advise you. Taxes can be a complicated business so knowing you're doing everything correctly and to the book is vital. Continue reading this blog to find out some great tips on tax management.

Check your tax code

Tax codes are notoriously complicated. There are a myriad of different codes and even checking that you’re on the right one can be a challenge. The system can more often than not get these codes wrong so make sure that you’ve been given the right one and aren’t paying too much tax. If you find that you are, it's a fairly simple process to claim the money back but without researching your code you’ll never know how much money you’re owed.



Make the most of employee benefits

Many companies offer tax relief schemes such as the cycle-to-work scheme and electric car charging schemes. By utilising these you can save a huge amount of money on the tax you pay every year. Meaning you’ll have far more expendable income.

There you have it then, a few easy tips to improve your tax bill and swing the pendulum in favour of you and your business. Tax is complicated and you should consult professional help before you change anything that you are currently doing. After all, one mistake could even lead you to pay more tax than you already are. Here at Marshall Accountancy Ltd, we can help you form a structured tax plan so you can reduce your bill safely and legally.

If you’re a business owner and need some guidance on your tax then we are here to help. What’s more, if you just need some advice on your personal tax we can advise you on that too! Just contact us today and speak with our experienced and friendly staff.