10 Tax Saving Tips in 10 Minutes - How to pay less tax

10 Tax Saving Tips in 10 Minutes - How to pay less tax Death and Taxes - Life’s two certainties! From the moment we are born until we die we are taxed in one form or another. With UK government borrowing expected to rise by £500 billion in the next few months if the lockdown on the economy continues, the debt will have to be paid by higher taxes and will take decades to pay off. Britain’s second world war debt of £21 billion owed to America took until 2006 to repay or over 60years. By Charles Kelly, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast. In this Money Tips Podcast episode: 1. 10 tax saving tips in 10 minutes! 2. See also - 10 things you can do to thrive during Covid 19 isolation 10 Tax Tips 1. Check your tax code, which indicates how much tax HMRC will collect from your salary. 2. Claim tax credits, for extra money to those looking after children, disabled workers and other workers on low incomes 3. Pay contributions to your employer's or your personal pension scheme 4. Meet the tax return deadline and pay tax bills on time to avoid a fine and penalties 5. Claim marriage allowance, which a tax perk that benefits couples where one partner earns less than the personal allowance 6. Reclaim overpaid taxes if you are a non-taxpayer, or your income unexpected falls during a year 7. Claim Landlord’s Domestic Replacement Items Tax Relief – not ‘Wear and Tear’ allowance 8. Claim for the tax-free childcare scheme to claim back 25% of your childcare costs, up to £500 9. Change to a low-emission car 10. Maximise your annual Isa allowance tax-free allowance of up to £20,000 2020/21 and look at Junior and Lifetime Isas 11. Finally, make a Will to mitigate IHT Inheritance Tax liabilities. Can you afford to retire? Millions of people, or over 80% of the population, will either retire in poverty or not be able to afford to retire at all. What’s your strategy? Quit the rat race and retire early You can learn how to build a second income, acquire cash flow generating assets using leverage in order to quit the rat race and become financially free. This crisis has taught us that the only way to be truly financially free is to build your own source of passive and semi-passive income, rather than working on someone else’s passive income. Smart investors take advantage of creative finance ‘no money down’ tools in order to build massive property portfolios in a few short years, as their hands are not tied by mortgage lenders and the need to save large deposits and pay higher taxes. Free property investment taster day Before you any property, take time out to learn proven successful strategies from expert multi-millionaire property investors on a free taster ‘property discovery day’. If you’d like more information on how to quit the rat race, email me at [email protected] send me a message through Facebook or my Money Tips Daily community. See more articles at www.moneytipsdaily.com