7 Ways To REDUCE YOUR TAX LEGALLY In The UK

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MARY:

I'm married to Ken and we have two boys aged 6 and 4. I'm a Londoner, born in Hackney! :)

Day to day, I run the operations of The Humble Penny as a creative - doing everything from marketing to video editing. I studied Multi-media design and technology at Uni.

When I'm not creating, I love vegan food, travelling, working out, and doing some outdoor fun things with my husband and kids :)

KEN:

I'm a husband, dad, and a First-Generation Immigrant to the UK. I started life poor in the UK and I've spent the last 20 years on a steep journey of Personal Development.

Former CFO with over 12 years of experience in the investment business. I'm also a Chartered Accountant and hold an MBA from Cambridge University.

To explore my creativity, I'm a blogger and YouTuber by night. I create from my experiences as a family man and entrepreneur.

I have a passion for all things Financial Education, Business, and Personal Development. I also love Photography, Music, Travel, and Sport.

We became Financially Independent aged 34 and our story has been featured on the BBC, Mail Online, Channel 5, Metro, etc.

We share content to inspire and teach others how to achieve Financial Independence and Freedom too :)

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★★ TIME STAMPS ★★

0:00 - Intro
1:32 - Important mindset for now
4:59 - 7 Ways to Reduce Your Tax Bill
5:05 - 1. Invest More Into ISAs
7:06 - 2: Contribute More Into Pensions
9:18 - 3: Marriage Allowance
10:51 - 4: Salary Sacrifice
15:25 - 5: Sharing Assets
16:33 - 6: Gifting Assets
19:10 - 7: Gifts to Charity
20:04 - Bonus 8 - Move Abroad
21:20 - Question for you
18:18 - My Personal Reflection

★★ About this video ★★

How To REDUCE YOUR TAX LEGALLY In The UK

Massive thanks for watching and following our channel :) ♥

Best, Mary and Ken Okoroafor

NOTE: For FULL Transparency, some links above may be Affiliate Links. We do NOT offer Financial Advice. Your investments can go up as well as down. Past performance does not guarantee future returns. So please do your own research before investing.

#tax #inflation #autumnstatement2022

[TheHumblePenny]

Any further suggestions? Comment below. We'll cover more ideas in Part 2.

[i.j.chibeze]

Brilliant video. I think I need to re-watch it again 😅

[PKSiAMiAM]

I'm so glad that I did see this coming at the end of 2020. It led me to locking in my mortgage at 2.15% interest until 2026.

[kingvdarkness]

I think the easiest way to reduce tax is to get out of this country, IMHO I hope I can leave soon!

[anthonyuzum]

Well done Ken for the helpful info, I just reminded a friend to claim the marriage allowance. Staying below the tax thresholds is the best tax saving hack IMO. As an accountant, I’m aware of all of these hacks and use a lot of them.

You missed one though, EIS (Enterprise Investment scheme). I know it isn’t for everybody but if you invest in some type of companies, you get a tax relief for making that investment.

[barrie]

A lot of unnecessary words - trim and get to the point. Actual content really good, thanks

[unclefurbiesvoice]

They should raise the minimum Personal Allowance crap to 30-40k. People on lower incomes shouldn't be expected to pay tax.

[MJKoKoMary]

But doesn't gifting of property attract capital gains tax? ( On the gain since purchased) Now with the inheritance threshold at least raised a bit for kids on property....it might be less tax road! Is there a best way to handle this?

[Ruthlesspast]

For business owners… what’s your thoughts on incorporating in ‘other’ countries…

[glsmokerUSCOOLHIPHOPCHANNELGMG]

For the pension, the problem is they will make you pay mlre tax later anyway

[veganmakeit]

Please can you do a video on the kinds of support financially provided to parents when realising they are about to have a child, ways on saving on their future, your personal experiences on upbringing the child considering the high cost of living, yet providing them the best future.

[rahulprasadverma]

Can you explain bit more what is gifting assets and how does it work

[Stffel]

If I reduce my tax by increasing my pension contributions would it be possible to claim marraige tax allowance? If gross is £55k and pension contributions is +£5k would you fall within threshold of marraige tax allowance?

[ao]

wish i saw this video 2 years ago on how to reduce tax

[ellea]

Thanks for this video! Wondering if anyone can help RE: the charity point: Are there downsides to giving to charity via Ltd company instead of from post-tax money? 🤔 At the moment, about 20% of my monthly personal spending is going towards charities that I really care about, and I want to keep supporting them as best I can... However, I could essentially reduce my personal spending by 20% a month if I switch the expense to my company and it would only amount to 7% of what the company makes each month. 🤔 I just Googled this as a tax-reducing idea and was confused regarding Gift Aid. They are saying that if I give via Ltd company, the charity can't claim Gift Aid... But they still get the full amount that I intended, right? Also, are they any other disadvantages for the charities?

[gurungs]

Hi Humble Penny, thanks for the video, what's the max I can contribute a year? which is the best pension pot I can contribute to? TIA

[flourishlifestyle]

Would like to know more about tax savings Portugal! And others

[mustafahaider]

Would you like to write a book on tax with me?

[chumabanjwa]

This channel is getting better by the day. Keep up the good work guys, it is appreciated!

[retrospective]

Thanks for the content! Just a little bit of unsolicited advice (sorry!): upgrading to an external mic will seriously improve the quality of these to-camera videos. The sound is a little tinny in this one.