Issue #047: STOP Giving HMRC More MONEY ❌

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Guess what? You’re probably paying too much tax.

Painful opening sentence amirite!

And I know… talking about taxes is a one way ticket too killingthe festive vibes, but hear me out for a second (or technically 1.8 mins)

What if I told you these aren't just boring old tax tips - these my friend, are legal tax loopholes.

The kind that make you wonder, “Wait, why didn’t anyone tell me this before?”

So, without further ado, here’s a list of ways to save your hard-earned cash while staying firmly on HMRC’s good side.

p.s. if anyone asks, this didn’t come from me 👀

👫Sharing is Caring

Did you know you can actually share some of your tax-free allowance?

Every UK taxpayer gets a personal tax-free allowance of £12,570.

But guess what: if your partner isn’t earning above that amount, they can pass £1,260 of the allowance over to you using the Marriage Allowance.

Easy way to reduce your tax bill.

💼Claim Those Work Expenses!

If your job costs you money - whether it’s for uniforms, travel, or equipment - don’t just eat the cost. Claim it back!

These expenses come out of your pre-tax salary, meaning less taxable income for you.

Less tax = more take-home pay.

📈The ISA Advantage

ISAs aren’t just for savers - they’re for savers who hate tax.

You get a whopping £20,000 per year to stash across the various types of ISAs.

This means any interest or investment gains are completely tax-free.

Think of it as a secret vault for your money that the taxman can’t touch.

And speaking of ISAs… I get asked all the time:

“What is the best Stocks and Shares ISA for beginners?”

Over the past few years, I have tried EVERY major player in the game, and I can safely tell you that I have hands down found the best one that ticks every single bucket when it comes to investing for beginners (plus it’s where I invest right now).

In fact, I rate them so highly, that I reached out to them asking if I could gift my newsletter audience something special when they sign up!

AND THEY SAID YES (any guesses who they are?)

So…

If you sign up to invest with Trading 212 through:

THIS VERY SPECIAL LINK

or use code ‘GN’, you get a free fractional share worth up to £100.

Remember that when investing, your capital is at risk and your investments may rise and fall. T&C’s apply.

🏦Pensions

Want to lower your taxable income and save for retirement? say hello to that thing you’ve been igoring… your pension.

You can contribute up to £60,000 per tax year (or 100% of your salary, whichever is lower). And guess what? It’s all pre-tax.

That’s called working smarter, not harder.

💰Personal Savings Allowance

Here’s the deal with interest on savings:

• Basic rate taxpayers: Earn up to £1,000 interest tax-free.

• Higher rate taxpayers: That’s reduced to £500.

• Additional rate taxpayers: Sorry, no freebies here.

If you’re earning interest, make sure you’re within your limits to dodge unnecessary tax.

If you’re going over your limit, maybe it’s time to reread the ISA section above…

📉Capital Gains Allowance

If you’re selling assets (like stocks or property), you’re allowed to pocket up to £3,000 per year tax-free.

Not huge, but definitely worth knowing - especially if you’ve got some investments to offload.

You can also use a spouse/partner to double this amount

🛍️Free Side Hustle Money

Selling on Etsy, doing odd jobs, or freelancing? You can earn up to £1,000 per year completely tax-free under the Trading Allowance.

So when it comes to your side hustle, that first grand is all yours.

And that’s it - my favourite legal tax loopholes, shared with love

(And now I await a letter form HMRC).

Whenever you're ready, there are ways I can help you.

1. ​Hit reply to this email: I try to respond to every single question I get from these newsletters, so please don’t be shy!

2. ​The Budgeting Template PRO: Most of you have probably tried the lite version, but the PRO is what I use in my day to day life. (use the code ‘letstalkmoney’ for 30% off)

3. Remember to get your FREE fraction share worth up to £100 worth up to £100 when you sign up to Trading 212 with THIS LINK

^{DISCLAIMER: None of the above is financial advice. This newsletter is strictly education and should not be taken as investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and always do your own research.}