Tips to beat the taxman
There are still a number of ways you can reduce your tax bill.
Giving a helping hand
Introducing the concept of saving at an early age is no bad thing. But what are the tax implications...
Cracking the tax code
What effect do these numbers and letters really have on the amount of tax we pay?
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Council tax - Why oh why!
We doubt whether there are any popular taxes but one that can leave an especially bitter taste is council tax.
Its aim is to help fund local services such as rubbish collections and emergency services. However the tax has caused some controversy over the last few years as council tax bills are steadily rising yet some local services such as rubbish collections are reducing.
Like it or not and regardless of whether you own or rent a home, council tax is here to stay and failure to pay it can lead to fines, a criminal record and even prison.
Valuation bands
Every property in the UK falls into a council tax valuation band. This valuation band and the council tax rates set by your council determine the amount of council tax you must pay.
There are nine bands in total ranging from A - H and each band covers a range of property values. The band your property falls into is based on its value at 1st April 1991 - not its current value.
You can work out which band your property falls into by using the Valuation Office Agency if you live in England and Wales, or the Scottish Assessor's Association if you live in Scotland.
Discounts
You could be entitled to a 25% discount if you live on your own because the usual council tax bill is based on at least two adults living in the property.
Further discounts and exemptions are available for disabled people, students, and low earners or if your property is empty.
Moving house
If you're moving house you must let your council know as soon as possible. Tell them the date you're moving out - you could be entitled to a refund. Then tell your council (or new council if you are moving to a new area) your new address and the date you are moving in, they will then calculate your new bill.
Paying your council tax
There are many different ways to pay your council tax, by post, direct debit, standing order to name a few and if you're having problems paying you should contact your council as soon as possible. They may be able to reduce your bill or arrange a more suitable schedule of repayment.
Source: Time For Money