If you're self employed this is particularly useful to reduce your tax bill. Remember, if you're a higher rate taxpayer you'll get 40% relief on your contributions.

6. Buy Pension Term Assurance instead of 'normal' life assurance. If you have, or are considering buying life cover, you can now get tax relief on your contributions.

So, instead of paying £100 pm for protection, you may be able to get the same level of cover for £60 pm. Over a 20 year term this amounts to £9,600!

7. Observe what your accountant is doing for you. Is your accountant simply following your orders and producing your accounts, or is he/she proactively working with you to increase your profits by either helping you to increase turnover or reduce costs? Ultimately, it's YOU who signs off the accounts and YOU who the taxman will chase with any queries, so make sure you're claiming for everything you should, and not for items you shouldn't.

The Financial Tips Bottom Line:

Saving tax is really about being organised and working alongside the right tax professionals over the long term. By structuring your affairs to your advantage, it's possible you could give yourself a pay increase without earning any more money.

Take the time to think how you can save more money and then take the necessary action!

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