Thursday, 30 April 2009

Beat the recession - tax tips

Barclays and the Daily Telegraph are combining to produce a Financial Planning guide in a four-page pull-out guide with the paper on Saturday 2nd May.

Here are few tips already provided under the title of "don't pay too much tax":

1. If you are giving money to charity, as a UK taxpayer you can use the Gift Aid scheme. The charity should be able to provide you with a form and you can claim tax back when you file your annual tax return.

2. There is an age allowance trap in the UK tax system which means that people over 65 with an income of more than £22,900 are taxed at 30% on earnings from this to £29,000. A financial adviser should be able to help you avoid this tax.

3. Couples have a tax-free personal allowance of more than £6,000 each. You can save on tax payments by transferring assets (money!) to the spouse with the lowest tax rate.

See for more.

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