Article written by Kellands Hale, our preferred independent advice firm.
This article is not intended to be financial advice to any individual. The views expressed are those of the author and Moneyfacts.co.uk does not endorse the content.
Recently the former Chancellor Rishi Sunak announced a set of tax allowance freezes that came into effect in April and will remain until 2026. These freezes may have an impact on how much tax you pay, so it’s important to understand how they will affect your wealth directly.
On a more positive note, there remain key allowances that you can use to minimise your tax liability and save for your future.
Considering the UK’s current cost of living crisis, exemplified by inflation reaching a 40-year high, it could be that you are searching for ways to mitigate your tax bill. If so, it is essential that you understand the tax breaks available to you.
Especially if you are self-employed or a high earner, it is crucial to understand the tax reliefs and allowances you can access through self-assessment that may help you save money.