Tax Tip – Understand Your Finances

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With the bills increasing, and prices going up across the board, it’s becoming more important than ever to save money where you can. Understanding your finances, your tax obligations, and what benefits, reliefs, and schemes can help you could play a part in managing this.

If you have a child under the age of 11 and are earning less than £100,000 you might be entitled to claim back up to 25% of your childcare costs under the tax-free childcare scheme, up to £500 every three months.

If you’re a Basic Rate taxpayer, you can earn up to £1000 of interest on savings, with a tax-free allowance (up to £500 if you’re a Higher Rate taxpayer); and you’ll only pay tax on savings income that exceeds this – but it’s important to note that where this used to be deducted automatically by the savings provider, this will no longer be the case. If tax is due, you’ll need to pay via Self-Assessment or have the amount deducted via PAYE.

To find out how you can make the best use of your finances, and what savings or benefits are applicable to your needs, get in touch with us today – our experts are here to provide you with advice, assistance, and the tools to make tax less taxing.

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