How to make the most of the Tax I pay

Radicalrooster

A little off topic, but still tax related...

I work full time but do a little freelance on the side, meaning each year I also complete a Self Assessment. I have some very helpful Accountants who do this for me for peace of mind.

This year I had quite a shock when my SA tax bill was 5X more than last year. While I was doing more freelance than last year, it didn't feel like a huge amount more, hence the shock.

While I'm not complaining and I know I could reduce my tax bill with pension contributions, it got me thinking...

How can I make the most of the services for which my tax pays for?

I'm not sure what that entails, but if I am going to be paying an enormous amount of tax, I'd like to try and get my money's worth!

Penguin_

Where does our tax money go? (finder.com) 

Flugelhorn

Have a few kids and send them to school, be admitted to hospital several times ... um not sure what else but there must be something - oo yes get locked up in prison?

PS yes know the feeling - had moments when every been extra cost 60%+ not sure why I bothered, should have stayed at home

p00hsticks

Suffer from a very serious extended illness (e.g cancer - just one dose of a chemotherapy treatment can apparently cost thousands of pounds) but then survive it and live long enough to claim many decades worth of state pension....

Radicalrooster

Thanks for the answers all! Not quite what I expected but I understand where you're all coming from!

I was expecting things such as to visit as many 'free' public attractions as possible and make better use of public transport!

Flugelhorn

Radicalrooster said:

Thanks for the answers all! Not quite what I expected but I understand where you're all coming from!

I was expecting things such as to visit as many 'free' public attractions as possible and make better use of public transport!

Suppose some tax goes towards that but depends whether you are a looking at income tax or council tax - also TBH you won't manage to "spend" much tax visiting an attraction or getting a bus

lincroft1710

Commit a very serious crime and receive a lengthy prison sentence, you will see first hand where some of the tax you have paid has gone and you can enjoy it for free!


You would also save a lot of money by not paying income tax!

Pennywise

Radicalrooster said:

Thanks for the answers all! Not quite what I expected but I understand where you're all coming from!

I was expecting things such as to visit as many 'free' public attractions as possible and make better use of public transport!

But you could benefit from that kind of thing even if you paid no tax, so it's not really a valid suggestion really.  There is no relationship between the tax you pay and the public services/benefits you are entitled to (except some earnings related state benefits if unemployed or sick).

simon_or

Haha, love the responses.

Given that the NHS+care, welfare, state pension, education, debt, defence take up most of the government's expenditure, that's where you'll get the most 'bang for the buck' as a taxpayer.

Use the NHS as much as you can, live to a ripe old age, use an LA care home, claim whatever benefits you are eligible for throughout your life, send a lot of kids to state school and then a subsidised university course, get a subsidised bachelors or master's degree yourself, do a stint in the army (or encourage your kids to) and so on and so forth.

I know you know but seriously, there's a 60k annual pension allowance, that is the most bang for the buck that you can get to reduce your tax bill, and if you can make it salary sacrifice, then that's the cherry on top!

Radicalrooster said:

A little off topic, but still tax related...

I work full time but do a little freelance on the side, meaning each year I also complete a Self Assessment. I have some very helpful Accountants who do this for me for peace of mind.

This year I had quite a shock when my SA tax bill was 5X more than last year. While I was doing more freelance than last year, it didn't feel like a huge amount more, hence the shock.

While I'm not complaining and I know I could reduce my tax bill with pension contributions, it got me thinking...

How can I make the most of the services for which my tax pays for?

I'm not sure what that entails, but if I am going to be paying an enormous amount of tax, I'd like to try and get my money's worth!