NFU Mutual: save money with tax opportunities

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NFU Mutual: save money with tax opportunities

Mon 20th Oct 2008

Insurance provider NFU Mutual has given advice on saving money through tax breaks.

Tax specialist Sean McCann explained how to utilise the opportunities available through child tax credits and pensions.

He said that many people do not realise they can claim child tax credits from the government.

It must, however, be actively sought and so people need to make sure they claim what they can.

Furthermore, higher rate taxpayers often do not claim the 40 per cent tax relief available on their personal pensions.

Mr McCann stated: "The key thing to remember is that if you contribute to a pension this decreases your taxable income and may in turn mean you can qualify for tax credits."

He added that higher rate taxpayers could backdate their claims for tax relief by as much as six years.

Last week NFU Mutual reported that young people are being forced out of rural areas by rising costs.

Low wages and a lack of affordable homes were cited as causes for this.

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