{"id":29379,"date":"2024-02-29T08:54:49","date_gmt":"2024-02-29T03:24:49","guid":{"rendered":"https:\/\/farratanews.online\/six-straightforward-ways-to-give-yourself-a-tax-cut-no-matter-what-budget-has-in-store-personal-finance-finance\/"},"modified":"2024-02-29T08:54:49","modified_gmt":"2024-02-29T03:24:49","slug":"six-straightforward-ways-to-give-yourself-a-tax-cut-no-matter-what-budget-has-in-store-personal-finance-finance","status":"publish","type":"post","link":"https:\/\/farratanews.online\/six-straightforward-ways-to-give-yourself-a-tax-cut-no-matter-what-budget-has-in-store-personal-finance-finance\/","title":{"rendered":"Six \u2018straightforward\u2019 ways to give yourself a tax cut – no matter what Budget has in store | Personal Finance | Finance"},"content":{"rendered":"

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Six \u2018straightforward\u2019 ways to give yourself a tax cut as burden soars to record high (Image: Getty)<\/span><\/span><\/div>\n

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As Britain grapples with its highest tax burden on record, people are being urged to check if they\u2019re using all available tax allowances to make a saving.<\/p>\n

The Institute for Fiscal Studies (IFS) found that despite National Insurance cuts in the Autumn Statement, taxes for this fiscal year are expected to be \u00a366 billion higher than if their share of national income had stayed the same as in 2018\/19.<\/p>\n

Forecasted tax revenue as a proportion of national income is expected to continue increasing, reaching 37.7 percent in 2028\/29\u2014the highest level since World War Two.<\/p>\n

This translates to an increase of \u00a3104billion in today’s terms compared to the 2018\/19 figures. The IFS said this was largely “fuelled by freezes to thresholds in the personal direct tax system”.<\/p>\n

Irrespective of possible tax cuts in the Chancellor\u2019s upcoming Spring Budget, households can take steps to reduce their tax burden, according to financial planning and tax advisory firm Evelyn Partners.<\/p>\n<\/div>\n

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READ MORE: <\/strong> Pensioners hit by \u2018emergency\u2019 retirement tax of \u00a355,000 each <\/strong><\/p>\n<\/div>\n

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Britain is grappling with its highest tax burden on record (Image: Getty)<\/span><\/span><\/div>\n

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Gary Smith, partner at Evelyn Partners, said: All the talk around tax recently has been of what the Chancellor might announce in his spring Budget on March 6.<\/p>\n

\u201cHowever, even if Jeremy Hunt finds room for some tax cuts, they are unlikely to make much of a dent in the overall tax burden that is rising and due to rise further in the coming years.\u201d<\/p>\n

Mr Smith noted: \u201cThere are some relatively straightforward steps that everyone can consider taking before the end of the fiscal year on 5 April to streamline their tax efficiency.\u201d<\/p>\n

He added: \u201cIf earners, savers and investors have not reviewed their tax position in this fiscal year, it\u2019s definitely time to do so now. Many allowances are calculated on a yearly basis, so a pre-tax-year-end review can help to identify any potential tax savings, particularly as some changes are afoot on April 6.\u201d<\/p>\n<\/div>\n