Regardless of your age, there are a number of ways you can reduce the amount you are assessed on for tax.
1. Switch to tax-free savings
If the interest you receive from savings in standard savings accounts is more than the new personal savings allowance (£1,000 for basic rate taxpayers, £500 for higher rate taxpayers), consider transferring money into tax-free investments.
If you're considering switching to a tax-free savings account, the Which? Money Compare tables let you search hundreds of cash Isa deals from providers large and small so that you can find a good home for your nest egg.
2. Make donations to charity
Donations to charity under Gift Aid also reduce your 'adjusted net income' used to calculate your personal allowance.
3. Transfer assets to your spouse
If your husband, wife or civil partner is a non-taxpayer or pays basic-rate tax it could be worth transferring income-producing assets such as savings or equities into their name.
4. Top up your pension
If you've decided to work past state retirement age and haven't started drawing a personal or company pension, making payments into a pension scheme should reduce your 'adjusted net income' which is used to calculate your personal allowance.
5. Switch to capital growth-generating investments
If you hold investments that generate high dividends each year, it might be worth transferring them to capital-growth investments instead.
That way you'll reduce your taxable dividend income and should be able to make use of the 2018-19 tax-free £11,700 annual capital gains tax allowance when you cash in your investment. And if you recognise the gain in 2019-20, up to £12,000 will be tax free.
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