ACCOUNTANT EXPLAINS How to Pay LESS TAXES to HMRC

Thanks to fiscal drag, in 2024 we are paying more income tax than ever before. In this video, I share 5 of the easiest ways to reduce your income tax bill, including the use of tax wrappers and timing your income and expenses if you are a business owner. I also cover one of the easiest ways to legally pay less inheritance tax.

TIMESTAMPS:
00:00 - Intro
00:42 - Pension contributions
02:22 - Lifetime ISA
04:50 - Cash ISA
05:56 - Timing of expenses
07:28 - Gifts

WHO AM I:
I'm Kiran, a qualified Accountant and experienced tax professional living in the UK. I make videos about finance, tax and investing.

MY FILMING GEAR:

DISCLAIMER:
This content, and the ideas presented in it, are for education and entertainment purposes only. Kiran does not provide tax or investment advice. The information presented does not consider the financial circumstances of any investor, and therefore may not be suitable for all investors.
Although Kiran is an Accountant, no Accountant-Client relationship is established with the viewer in any way.

As an Amazon Associate I earn from qualifying purchases. The product links in the description are affiliate links. This means if you choose to buy something through one of these links, I may receive a commission on the sale, but it makes no difference to you as a buyer.

[RaymondKeen.]

We Are in Unchartered Financial Waters! every day we encounter challenges that have become the new standard. Although we previously perceived it as a crisis, we now acknowledge it as the new normal and must adapt accordingly. Given the current economic difficulties that the country is experiencing in 2024, how can we enhance our earnings during this period of adjustment? I cannot let my $680, 000 savings vanish after putting in so much effort to accumulate them.

[happygolucky]

this woman needs to be protected at all costs, her information is gold for the masses.

[flexisingh]

This is such a great video, with all examples explained simply with clarity 👌🏼

[gd]

This is the best short most informative video I have seen on YouTube

[e.b]

I ve watched all of your videos which I find them perfect, thank you.

[rushilpatel]

Great video!
As you mentioned these are the easiest to tax saving measures to implement.
Please could you make a video about placing parent primary residence into a discretionary trust in order to mitigate IHT and the rough cost of getting this set up and managed and confirming if the parents can live in the property until the demise.

[glove]

Thank you Keran. Great information you shared ❤️.

[Hiprich]

Straight forward and concise. Love it ❤

[Owaismh]

Great strategy! I have a similar approach. I contribute to my pension pot for aggressive funds and also allocate some to a Lifetime ISA to benefit from the government bonus. One major advantage of the Lifetime ISA is that funds can be withdrawn in emergencies, even if criteria aren't met, although there's a 25% charge.

[Best_youtube_videos]

Thank you dear, your videos critically reduce the time I waste on finding responses to tax topics

[RICHARD-eiwm]

The best way I have found to pay no tax at all is to put a chunk of cash into a VCT every year, this can reduce your tax bill to nil even if you earn 90k a year laying bricks like me.The HMRC hasn't had a single penny in tax from me since 1995 when they first came out.EIS will get a similar result.

[chayadajiratipasdamrong]

Thanks for this helpful info. You explained it very well.

[pauldavies]

Nice short informative video thank you!!!

[maxthemagition]

Most people know about these tips. However what we need is a real TAX expert who will expose the other tax loopholes of which there are many.
The absence of whistleblowers says a lot about the corruption going on in the UK.
TAX avoidance and evasion is a major industry in the UK today so we really need Tax experts who will blow the lid off TAX evasion.
Is it fear that prevents the Tax experts from exposing the corruption?

[gatekeeperboxing]

What a nice and clear speaking voice you have, you also explain things at a pace that is very easy to listen to (some youtubers speak so quickly, which I personally find rather annoying to listen to).

[BobMc]

Nice video! I should be adding more to my pension, but the company I work for has a horrific pension. They won't put more than 3% in, while we put in 5%, if they offered to match us up to 10-15%, I'd do it tomorrow!

[redwoodcityintheuknscalera]

Great information ! thank you beautiful lady

[ipprp]

I love your videos, have leant so much from all those advises. Thank you ! I wonder if you could you make a video about how to protect your asset and company after the dead of sole director shareholder, who would be in charge and running the company, what happens to those investments in that company and what to do now to avoid the disaster whicj will end up of loosing everything ? Thank you . I’m 25 single sole director shareholder of the tiny company .😊

[najmabegum]

Very clear advice. Can you give one to one direct consultations on zoom or in person and if if person what location are you based in?

[e.b]

Also, I bit of advice : Use acoustic panel to your wall so that to reduse the echo in your room.❤❤