Can I legally avoid paying tax?
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jimmyjimmycocopops
Posts: 6 Forumite
in Cutting tax
Hello,
I'm a single person earning £25,000 per annum and I would like to keep as much of that money as possible in my pocket.
Current I pay about £600 a month in tax and national insurance.
I know avoiding tax is usually reserved for the wealthy but at my current level of earnings, is there anything I can be doing to trim my tax down?
I'm a single person earning £25,000 per annum and I would like to keep as much of that money as possible in my pocket.
Current I pay about £600 a month in tax and national insurance.
I know avoiding tax is usually reserved for the wealthy but at my current level of earnings, is there anything I can be doing to trim my tax down?
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Comments
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Bog of to Switzerland?0
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that seems a lot
what is your tax code?0 -
A "normal" person who has a salary of £25k should be paying £485 in tax and NI and take home £1600...0
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Pay into a pension fund all your taxable income or invest in Venture capital trusts which you get tax relief at 30% even as a basic rate payer.0
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Pay into a private pension. You won't pay tax on the money you contribute, thus reducing your income tax bill.
Put any savings you have in ISAs where possible, so you don't pay income tax on them.0 -
The simplest way not to pay tax is not to have any income. The better answer is to claim tax credits.0
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A "normal" person who has a salary of £25k should be paying £485 in tax and NI and take home £1600...
http://www.thesalarycalculator.co.uk/salary.php
This is a good calculator which shows what you should take home (if average etc. etc.)0 -
Used the calculater, very good. Everything was pretty spot on except my national insurance, I pay £50 more a month that it said I should, How can I check what It should be? Next to my deduction it says A
Thanks0 -
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Thanks for the suggestions. I am paying the correct tax & NI £485 (and £74 student loan repayments).
I need most of my income for day to day living costs so can't put much into pensions, and am earning too much to qualify for working tax credits.
I've seen some 'tax beater' guides online. They make some amazing claims such as how to cut your income tax bill in half and avoid paying NI contributions entirely... Has anyone ever bought one of these?
Don't get me wrong, I don't want to avoid paying tax entirely but I think we pay way too much in this country.0
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