Contribute to pensions to lower taxable income legally

As the end of the UK tax year approaches in March, individuals are looking for ways to lower their income tax bills. Making pension contributions can reduce taxable income, helping to avoid higher tax bands. Contributions to a Self Invested Personal Pension (SIPP) are tax-free and can provide additional tax relief. Higher earners can reclaim more tax through this method, potentially lowering their income below key thresholds. Lowering taxable income can also increase tax-free savings interest and maintain eligibility for benefits like Child Benefit. Other options include claiming Working from Home relief and utilizing Marriage Tax Allowance.