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Planning your finances to take full advantage of the reliefs and allowances that may be available to you
can help you make the most out of every penny.
Taking simple steps, such as utilising your annual ISA allowance,
can help protect savings and investments, up to certain limits,
from Capital Gains tax and UK Income tax,
while contributing to a pension scheme could provide a tax efficient method of saving for the future.
Other steps you may want to consider could include, but are not limited to,
ensuring that you're paying the correct taxes in the right amount,
using allowances efficiently, utilising tax credits that may be available,
and filing your tax returns on time,
all of which could help you to avoid both paying more tax than you need to,
and reduce the risk of facing penalties for underpayment.
In addition to planning ahead to make the most out of your money while you're still living,
you may also want to consider planning to help your beneficiaries
make the most out of what you leave behind when you pass away.
Careful planning, and affordable gifting in later years can help you reduce the impact of Inheritance Tax.
Tax rules and planning can be complex, so you may want to seek the help of a financial advisor,
who can help guide you through your options.