5 Top Tax Tips To Help Save You Some Money In The Uk

When the January 31st deadline is just weeks away, it's time to start hurrying. Many begin to think about how much money they'll be losing out to the tax...but you shouldn't worry about it; you're about to find out five ways to reduce the tax bill significantly, so that if you've ever worried--you'll know it's just a matter of looking closer in the right places, reading up on credits, and other assets that can be reorganized in the paperwork...

1. Take advantage of all your allowances
Mileage is one great way to pile up tax savings- there are numerous others, though. Keep searching and you'll be sure to find your tax bill will be much slimmer this year.

Many others can be found out about on the tax site- HMRC provides a substantial information index that will answer all your queries regarding these credits, how they apply, and whether you will qualify or not. Look it up!

2. Credits
Billions of pounds in tax credits go unclaimed each year. You could take the time to identify which are applicable to your taxes, especially in what way these credits can benefit you.

Why don't other people claim tax credits? Because they're simply told not to do so!-also, the general public awareness about tax credits is just low.

3. Taxes on Inheritance
Many families and individuals do not take the time to find out more about Inheritance tax. This is a problem. When the time comes to claim money, or find out what is owed to the tax -- it's much too late. So the sooner this problem is cleared, the better for the inheritance. Hopefully, that sum will be bigger after you've taken as many tax credits as possible within the rules of the game....

4. If your spouse is unemployed... listen to this.
You can move any income assets onto their tax sheet because they will automatically qualify for personal allowance. Try this next time you're filling out the tax paper work and you could be saving thousands or more!

Their qualification will help the entire family, so make every pound count.

5. File before the deadline and save money
The easiest trick in the book is to file sooner than the 31st January deadline. Ignoring the deadline, procrastinating or doing anything else will not make it any easier or cost-effective; just file it before the deadline, and you could be saving 100 pounds. That's right; the fine for late filing will lead to a 100 pound fine. Ouch.

Conclusion
Whether you're a small business owner or a homeowner with a few documents of financial papers to consider before doing the taxes- you'll benefit from getting the tax work done before the deadline; putting income generating assets onto your unemployed spouses' papers, and preparing for the inheritance tax beforehand. Do all that you can; search and start claiming credits; it will bring you a greatly reduced tax bill by the end of the year that you can really smile about.

By: Felicity Lightbody

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Felicity is a part-time author, writing occassional pieces in the UK. If you need to do a online self assessment tax return and don't know where to start, then try our cheap online tax return service. For sole trader tax returns and more information please visit the taxreturnsdirect.co.uk website.