Tax saving tips which could save you hundreds of pounds each year

Ahead of Talk Money Week, HM Revenue & Customs (HMRC) has published five ways taxpayers can “boost their finances” over the coming months.
The tips, which can save families hundreds of pounds each year, include little known Government incentives from claiming the Marriage Allowance and taking advantage of the Help to Save scheme to claiming tax relief on work-related expenses and the tax advantages available to first-time buyers.
Publishing the tips, Mel Stride, Financial Secretary to the Treasury, said the department wants to make sure “everyone gets the financial help they are entitled to”.
We have briefly summarised the tips below. For more information, please get in touch.
1) Marriage Allowance
If you are married or in a civil partnership, you can claim up to £238 a year in tax relief by taking advantage of the Marriage Allowance. This enables to you to transfer up to £1,190 of your Personal Allowance to your husband, wife or civil partner if they earn more than you and you normally have an income below your Personal Allowance – currently £11,850. The Treasury recently revealed that some eight in 10 couples are eligible to claim the allowance, yet thousands have yet to apply.
2) Help to Save
The new Government savings scheme rewards savers with an extra 50p for every £1 saved over a period of four years. Savers can deposit a maximum of £2,400, meaning a maximum Government bonus of £1,200. You can open a Help to Save account if you’re either entitled to Working Tax Credit and are receiving Working Tax Credit or Child Tax Credit payments or are claiming Universal Credit and your household income in your last monthly assessment period was £542.88 or more.
3) Tax-free childcare
Parents or guardians with children aged 12 and under (or under 17 if disabled) can claim to help with the cost of registered childcare. For every £8 deposited into a childcare account, the Government will top up the account with an additional £2, up to a maximum of £2,000 per child per year.
4) Claim on work-related expenses
Most employees can claim tax relief on money they’ve spent on things like work uniform and clothing, tools, business travel, professional fees and subscriptions.
5) First-time buyer relief
If you are a first-time buyer and purchase property on or after 22 November 2017, no Stamp Duty is due on homes up to the value of £300,000 (£500,000 in London), with further tapered relief on properties up to the value of £500,000.
For help and advice or to learn more about the tax reliefs available to you, please get in touch.

Awards and Accreditations

Get in touch

Get in touch

If you would like to see full details of our data practices please visit our Privacy Policy and if you have any questions please email contact@grunberg.co.uk.

x