Pay in the Pension Scheme

 

Pay in the Pension Scheme

Support for your employer's pension scheme (including any additional voluntary contributions by you) can be obtained from your total salary before any taxes are collected.

The government will give you a pension with a tax rebate, which will give you a free bonus to save for retirement. You can use our Pension Tax Relief Calculator to see how much you can save.

4.Take Advantage of the Wedding Allowance

A marriage allowance tax is allowed which benefits the couple where one partner earns less than the personal allowance.

If you are married or in a civil partnership, you can transfer any unused personal allowance from a low-income partner to a higher earner. Transfers can be as high as 2 1,250 in 2020-21, potentially saving you up to £ 250.

To qualify, the highest earner must be a 20% taxpayer. Watch our quiz. See if you are eligible for a marriage allowance Accountants Walsall.

5. Meet the Tax Return Deadline

 If you're one of the 12 million people who need to file a self-assessment tax return, make sure you don't miss the deadline - this is a costly and easily avoidable mistake.

 For online submissions, you have to submit your 2019-20 returns by January 31, 2021. But if you want to file on paper, you will need to submit by October 31, 2020.

Deprived of the deadline and automatically fined 100 100 - even if you are not taxed.

Which to use? Tax calculator so you can get a refund and submit it directly to HMRC.