Five Money and Tax-Saving Tips is this weeks theme.  Do you want to save money on your taxes?

You're in luck! In this 100th episode, I'm going to share five tips that will help you do just that. Furthermore, these tips will help you earn more money in the future.

So whether you're already paying too much or are looking for ways to get a refund, listen up!

Who doesn't want to save money on their taxes? These tips are easy to follow and will make a big difference in how much money you keep in your pocket. So don't wait any longer, start following these tips today!

Click here to Listen to find out more and how to save money on your taxes.

Conclusion

These five Money and Tax Saving Tips will save and earn you money now and in the future.  Moreover there is the opportunity and possibility to relook at the past and get some tax back.  Kerching!

For more business and finance, news, advice and tips, don’t forget to subscribe and watch our weekly videos on I Hate Numbers, listen to our weekly podcast I Hate Numbers.

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Furthermore, my mission is to inform, inspire and educate you to get closer to your numbers.

You can make more profits, save tax and time, improve your well-being and your money mindset.

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The Numbers Crew- Here to help you!

All of us in the world of business, as well as in our daily lives, should aspire to having a strong, positive and healthy money mindset. And that's the theme of this week's podcast episode: five money-saving tips, which should always be factored into your money mindset DNA that's going to save you money for now,

save you money in the future, and also, as we delve into it deeper, you can also look back in time and potentially claw some money back. Even though this podcast is aimed at some of the UK rules and regulations, for those of you listening outside of the United Kingdom, take on board these tips and apply them to your own circumstances.

You are listening to the I Hate Numbers Podcast with Mahmood Reza. The I Hate Numbers podcast mission is to help your business survive and thrive by you better understanding and connecting with your numbers. Number love and care is what it's about. Tune in every week. Now, here's your host, Mahmood Reza.

Hi folks. Welcome to another weekly episode of I Hate Numbers. This episode is a milestone and it's a milestone because it is episode number 100. That's right, episode 100 of I Hate Numbers. The podcast that's there with a mission to improve your financial awareness, improve your money mindset, help you make more profit, save tax and time in your business.

What a superb combination we've got there. By the way, folks, if you've got an idea for an episode on a topic or theme you'd like me to cover, drop me a line, contact’s in the show notes here, and let me know what you want me to cover and I can add that potentially to my content schedule. Let's crack on with the podcast.

The first one I'm going to look at is marriage, more specifically, marriage allowance. If you are married or in a civil partnership, yes, it's absolutely all about the love, all about the friendship, all about the time together. But there's also some tax savings that you can have as well. You can save 250 pounds a year plus in tax if you claim your partner's unused personal allowance.

There's a double bonus here, folks, and you can back-take your claim and get a tax windfall of over one thousand pounds. How does it work? Well, marriage allowance lets you transfer 1,260 pounds of your personal allowance to your husband, wife, or civil partner. This will reduce their tax bill by up to 252 pounds in the tax year.

What's the main criteria? Well, you as the low earner, must normally have an income below your personal allowance. Check the show notes out for more detail. Tip number two, tax code. This is a combination of letters and numbers used by your employer and also your pension provider, by the way, to calculate how much tax you'll be suffering at source.

And it's always going to be worth checking, by the way, because in my experience of over 27 plus years, it's not always correct and you may end up paying too much tax. Most of us will not necessarily look at our wage slips, or check those coding notices, but it's worthwhile spending a few minutes having a look at it.

For a single person in the UK, usually they have the numbers 1257 followed by the digit L. Remember, you can go back up to four years at least if it's been wrong, and claim that tax back. Now, this tax hold is used by your employer or pension provider to work out how much tax to pay from your pay or pension. HMRC will tell them which code to use, and it has been known that HMRC, based on information they received, may sometimes get it wrong.

There is an income tax online service checker. Check it out in the show notes and you can check your code for this year and for last year, and remember, you can go back up to four years. Tip number three: if you are self-employed, if you work for yourself, then there are likely to be many expenses that you may not necessarily be claiming.

You may be ending up paying more tax than you should do, and typical expenses will include those for working at home, travel, using your car, or your bike, or your telephone, clothing, training courses, subscriptions, and computers. There's a whole host more. If you've not claimed all the business expenses you are entitled to, you can go back at least, that magic number, four years.

Ka-Ching! Tip number four: if you've got a spare space in your house and you fancy generating some tax-free income, you are allowed to rent a room or rooms in your house and have up to seven and a half thousand pounds absolutely free of tax. Get a lodger. Get multiple lodgers. Remember, the first seven and a half grand is automatically tax-free.

There aren't even any forms to fill in, or anyone to actually tell, and it's all perfectly legal. They can opt into the scheme at any time. If you're a resident landlord, whether or not you own your own home or not doesn't matter. For more information, you know what I'm going to say, check out the show notes for a useful link.

Now we're coming into the last two tips here that's going to save you money and it's going to be a useful addition to your own personal coffers and the household budget. And this comes to national insurance. Now, in the United Kingdom, if you're over 65 and you are working, firstly, you are not alone. You are going to be amongst the 1.3 million people who are still working.

Once you get to the age of 65, you don't pay national insurance anymore. You pay tax unfortunately, but you won't be paying national insurance, so make sure your employer knows this and it isn't taking it off your pay. If they are taking it off your pay, you can get a refund if you've overpaid. And yes, you can claim back for prior years, that could be worth quite a lot of money.

Now, why do we pay national insurance? You pay national insurance of certain types to qualify for certain benefits, and the state pension. It's payable by those over the age of 16, and if you're self-employed making over six and a half grand on current rates, then you are liable to pay it. Or if you're an employee paying over 184 pounds a week in terms of earnings, then you'll pay national insurance.

But remember, once you get to that magic age, you no longer have to pay it, and, therefore, you should check it out and make sure you claim back any excess. What's tip number five? Well, tip number five applies if you're a working parent. If you're a working parent of which there are many millions with children under the age 11, then you are entitled to tax-free childcare.

That's right, tax-free childcare. And that can be worth up to 2,000 pounds per annum for each child. If a child is disabled, that doubles up to 4,000 pounds. Now, tax-free childcare applies for single-parent-working households as well, so you don't have to be in a relationship or a couple, childcare covers child mindness, nurseries, after-school clubs, as well as play schemes.

Folks, I hope you found those five tips really useful. So dig deep, check out, and it's always a good idea to keep an eye on what you are paying out, to be conscious and in future podcast episodes, we will be coming back to this idea of money mindset. It's a really cool thing to have. Just make sure that your hard-earned money, you keep as much of that legally as possible,

and if you've ended up paying too much, there's the facility to claw and claim some of that back. Any comments and feedback, I'd love to hear from them. If you feel there's somebody who could benefit from this podcast, I'd love it if you could share it. Remember to subscribe, and folks, I'll see you next week for episode 101.

We hope you enjoyed this episode and appreciate you taking the time to listen to the show. We hope you got some value. If you did, then we'd love it if you shared the episode. We look forward to you joining us next week for another I Hate Numbers episode.