Tax Archives - Pounds and Sense https://www.poundsandsense.com/tag/tax/ A UK blog covering personal finance and much more from an over-60 perspective Sat, 24 Jan 2026 11:33:52 +0000 en-GB hourly 1 https://wordpress.org/?v=6.9.1 https://www.poundsandsense.com/wp-content/uploads/2016/11/coffeespecs-150x150.png Tax Archives - Pounds and Sense https://www.poundsandsense.com/tag/tax/ 32 32 Make the Government Pay! How to Use Gift Aid to Redirect Your Tax Money https://www.poundsandsense.com/make-the-government-pay-how-to-use-gift-aid-to-redirect-your-tax-money/?utm_source=rss&utm_medium=rss&utm_campaign=make-the-government-pay-how-to-use-gift-aid-to-redirect-your-tax-money https://www.poundsandsense.com/make-the-government-pay-how-to-use-gift-aid-to-redirect-your-tax-money/#respond Sat, 24 Jan 2026 11:32:29 +0000 https://www.poundsandsense.com/?p=14237 As more people in the UK find themselves paying income tax again – particularly retirees whose pensions, savings interest and state pension now push them over the personal allowance – it’s natural to feel frustrated about how that money is used. While we don’t get much say over how most of our taxes are spent, […]

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]]> https://www.poundsandsense.com/make-the-government-pay-how-to-use-gift-aid-to-redirect-your-tax-money/feed/ 0 Should You Take a Tax-Free Lump Sum from Your Pension Now? https://www.poundsandsense.com/should-you-take-a-tax-free-lump-sum-from-your-pension-now/?utm_source=rss&utm_medium=rss&utm_campaign=should-you-take-a-tax-free-lump-sum-from-your-pension-now https://www.poundsandsense.com/should-you-take-a-tax-free-lump-sum-from-your-pension-now/#respond Tue, 11 Nov 2025 10:41:37 +0000 https://www.poundsandsense.com/?p=12654 As speculation mounts ahead of Rachel Reeves’ upcoming budget on 26 November 2025, many UK retirees and those approaching retirement are wondering if now is the right time to take a tax-free lump sum from their pension. Already it appears growing numbers have been doing just that in anticipation of a possible tightening of the […]

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]]> https://www.poundsandsense.com/should-you-take-a-tax-free-lump-sum-from-your-pension-now/feed/ 0 How to Check Your Tax Code and Correct it if Necessary https://www.poundsandsense.com/how-to-check-your-tax-code-and-correct-it-if-necessary/?utm_source=rss&utm_medium=rss&utm_campaign=how-to-check-your-tax-code-and-correct-it-if-necessary https://www.poundsandsense.com/how-to-check-your-tax-code-and-correct-it-if-necessary/#respond Tue, 19 Aug 2025 10:27:01 +0000 https://www.poundsandsense.com/?p=13725 Today I’m spotlighting a piece of official data about you that might seem dry and boring, but is actually crucial to ensuring you don’t pay more tax than you need to. Your tax code is set by HM Revenue and Customs (HMRC). It determines how much income tax is deducted from your salary, wages or […]

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]]> https://www.poundsandsense.com/how-to-check-your-tax-code-and-correct-it-if-necessary/feed/ 0 What Are ETFs and How Can You Invest in Them? https://www.poundsandsense.com/what-are-etfs-and-how-can-you-invest-in-them/?utm_source=rss&utm_medium=rss&utm_campaign=what-are-etfs-and-how-can-you-invest-in-them https://www.poundsandsense.com/what-are-etfs-and-how-can-you-invest-in-them/#comments Wed, 28 May 2025 09:20:30 +0000 https://www.poundsandsense.com/?p=13408 Today I am focusing on Exchange Traded Funds, or ETFs for short. These have become increasingly popular among investors seeking a simple, low-cost way to build diversified portfolios. But what exactly are ETFs, and how can you invest in them, especially in a tax-efficient way? What Is an ETF? An ETF is a type of […]

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]]> https://www.poundsandsense.com/what-are-etfs-and-how-can-you-invest-in-them/feed/ 2 Why Now Could Be the Ideal Time to Take Advantage of Your New Tax-Free ISA Allowance https://www.poundsandsense.com/why-now-could-be-the-ideal-time-to-take-advantage-of-your-new-tax-free-isa-allowance/?utm_source=rss&utm_medium=rss&utm_campaign=why-now-could-be-the-ideal-time-to-take-advantage-of-your-new-tax-free-isa-allowance https://www.poundsandsense.com/why-now-could-be-the-ideal-time-to-take-advantage-of-your-new-tax-free-isa-allowance/#respond Mon, 28 Apr 2025 10:03:29 +0000 https://www.poundsandsense.com/?p=11947 As of 6 April 2025, UK investors have a fresh chance to supercharge their savings and investments with a new £20,000 Individual Savings Account (ISA) allowance. ISAs represent a golden opportunity for investors to make their money work harder while shielding their returns from the taxman. With tax-free allowances for income frozen until April 2028 […]

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]]> https://www.poundsandsense.com/why-now-could-be-the-ideal-time-to-take-advantage-of-your-new-tax-free-isa-allowance/feed/ 0 Don’t Miss Out! Use Your £20,000 ISA Allowance Before It’s Too Late https://www.poundsandsense.com/dont-miss-out-use-your-20000-isa-allowance-before-its-too-late/?utm_source=rss&utm_medium=rss&utm_campaign=dont-miss-out-use-your-20000-isa-allowance-before-its-too-late https://www.poundsandsense.com/dont-miss-out-use-your-20000-isa-allowance-before-its-too-late/#respond Sat, 22 Feb 2025 10:08:23 +0000 https://www.poundsandsense.com/?p=11915 As the end of the tax year on 5 April 2025 approaches, so too does the deadline to utilize the annual tax-free Individual Savings Account (ISA) allowance. The clock is ticking, and unless you take action in the next few weeks, this opportunity to maximize your tax-free savings for the 2024/25 financial year will be gone. […]

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]]> https://www.poundsandsense.com/dont-miss-out-use-your-20000-isa-allowance-before-its-too-late/feed/ 0 How to Reduce the Impact of Tax Rises in Rachel Reeves’ First Budget https://www.poundsandsense.com/how-to-reduce-the-impact-of-tax-rises-in-rachel-reeves-first-budget/?utm_source=rss&utm_medium=rss&utm_campaign=how-to-reduce-the-impact-of-tax-rises-in-rachel-reeves-first-budget https://www.poundsandsense.com/how-to-reduce-the-impact-of-tax-rises-in-rachel-reeves-first-budget/#respond Thu, 22 Aug 2024 11:06:19 +0000 https://www.poundsandsense.com/?p=12453 Updated and expanded 13 October 2024 The first budget under new Labour Chancellor Rachel Reeves is scheduled for Wednesday 30 October 2024. Speculation is rife about potential tax rises aimed at addressing the country’s economic challenges. But while tax increases appear inevitable, there is still time to take proactive steps to minimize their impact on […]

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]]> https://www.poundsandsense.com/how-to-reduce-the-impact-of-tax-rises-in-rachel-reeves-first-budget/feed/ 0 How to Maximize Your Tax-Free Savings Interest https://www.poundsandsense.com/how-to-maximize-your-tax-free-savings-interest/?utm_source=rss&utm_medium=rss&utm_campaign=how-to-maximize-your-tax-free-savings-interest https://www.poundsandsense.com/how-to-maximize-your-tax-free-savings-interest/#respond Thu, 15 Aug 2024 10:02:54 +0000 https://www.poundsandsense.com/?p=12417 In these challenging times, we all need to ensure our savings stretch as far as possible. So today I thought I’d set out the range of tax-free allowances you can use to help do this. Personal Savings Allowance (PSA) The Personal Savings Allowance (PSA) was introduced in April 2016 and allows you to earn a […]

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]]> https://www.poundsandsense.com/how-to-maximize-your-tax-free-savings-interest/feed/ 0 Ten Tax-Free Ways to Boost Your Finances https://www.poundsandsense.com/ten-tax-free-ways-to-boost-your-finances/?utm_source=rss&utm_medium=rss&utm_campaign=ten-tax-free-ways-to-boost-your-finances https://www.poundsandsense.com/ten-tax-free-ways-to-boost-your-finances/#comments Mon, 15 Jul 2024 11:18:55 +0000 https://www.poundsandsense.com/?p=12356 As you may have heard, UK citizens are currently bearing the highest tax burden since WW2. And with the new government looking to raise more money to pay for its ambitious spending plans, there is no sign of that changing any time soon. So today I thought I’d set out some ways you may be […]

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]]> https://www.poundsandsense.com/ten-tax-free-ways-to-boost-your-finances/feed/ 2 How to Protect Your Savings and Investments Under a Labour Government https://www.poundsandsense.com/how-to-protect-your-savings-and-investments-under-a-labour-government/?utm_source=rss&utm_medium=rss&utm_campaign=how-to-protect-your-savings-and-investments-under-a-labour-government https://www.poundsandsense.com/how-to-protect-your-savings-and-investments-under-a-labour-government/#respond Fri, 05 Jul 2024 11:35:25 +0000 https://www.poundsandsense.com/?p=12249 For better or worse, the UK has elected a Labour government. There will undoubtedly be many changes in economic policy, taxation and regulation, which of course will affect personal finances. So today I am setting out some ways in which you may be able to safeguard your savings and investments as Labour take control. As […]

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