If you're an employee, check your tax
The Inland Revenue produce an instruction to your employer called a "Notice of Coding", which is used as the basis for making deductions from your pay. You'll receive a copy with an explanation of the calculations. Examine it carefully. If you don't receive one each year, remember to ask for it to be sent to you.
If your deductions are not being made on the basis of a correct Notice of Coding, it is possible that your employer is deducting more tax than necessary. Check this with your tax office and ask for the appropriate form so that you can apply for a correct coding.
If you have a company car and your employer pays for any of your private petrol, check the current fuel scale charges. You may find changing to a car with a slightly smaller engine will save you a lot of tax – or you may even be better off paying for your own petrol in exchange for a pay rise equal to what your employer is currently paying you for your petrol.
Next: Use your capital gains tax allowance
If your deductions are not being made on the basis of a correct Notice of Coding, it is possible that your employer is deducting more tax than necessary. Check this with your tax office and ask for the appropriate form so that you can apply for a correct coding.
If you have a company car and your employer pays for any of your private petrol, check the current fuel scale charges. You may find changing to a car with a slightly smaller engine will save you a lot of tax – or you may even be better off paying for your own petrol in exchange for a pay rise equal to what your employer is currently paying you for your petrol.
Next: Participate in share incentive plans" name="text" />
If your deductions are not being made on the basis of a correct Notice of Coding, it is possible that your employer is deducting more tax than necessary. Check this with your tax office and ask for the appropriate form so that you can apply for a correct coding.
If you have a company car and your employer pays for any of your private petrol, check the current fuel scale charges. You may find changing to a car with a slightly smaller engine will save you a lot of tax – or you may even be better off paying for your own petrol in exchange for a pay rise equal to what your employer is currently paying you for your petrol.
Next: Participate in share incentive plans" name="text" />

Advertisement
Latest news
Inheritance tax confusion costs millions
6 August 2008
Widows and widowers across the UK are missing out on millions of pounds due to the government’s complex inheritance tax (IHT) rules.
- Closing investments 15 July 2008
- Tax time limit 2 June 2008
- Aim to reduce IHT 27 May 2008
Top 10 Inv Trusts, 3yr%
| F&C Private Equit... | +273.2 | ||
| BlackRock Latin A... | +232.3 | ||
| Ecofin Water & Po... | +179.9 | ||
| European Utilitie... | +156.2 | ||
| JPMorgan Russian ... | +154.7 | ||
| Resources Investm... | +137.7 | ||
| Lazard Egypt Trust | +136.6 | ||
| Asset Management ... | +126.2 | ||
| SVM UK Emerging Fund | +117.5 | ||
| BlackRock World M... | +95.7 | ||
Tax planning in depth
Tax on the internet 4 March 2008
Martin Fagan explains where you can find tax advice online
- Improving efficiency 25 February 2008
- Planning to pass it on 4 February 2008
- Your pension pot of gold 30 October 2007
Guides
Guide to inheritance tax 21 January 2008
Paul Wilcox, chairman and technical director, WAY Group outlines the basics of inheritance tax.
- Live webchat: Inheritance tax 12 September 2007
- Make sure you don't pay hidden tax on investments 17 April 2007
- Use your capital gains tax allowance 17 April 2007
Special Offers
- 2008 AIM Guide:
Essential information for anyone interested in the
Alternative Investment Market. - Growth Company Investor Magazine:
1 month no obligation free trial providing independent,
timely and thoroughly researched recommendations on
high potential smaller companies. - Venture Capital Trusts
Venture Capital Trusts (VCTs) currently have over
£1 billion to invest in young, growing companies. - Annual report service
Free access to annual reports and other information
on selected companies - Profit from volatile markets with IG Index

