Filing an online return is a process which frustrates many Brits year after year as they look for ways to simplify the process and potentially save money.

However, according to pension and investments provider NFU Mutual, numerous taxpayers could be losing out on pension tax relief.

With the deadline for filing online tax returns fast approaching, now is definitely the right time to make the most of tax rules and ask for your tax return.

Personal finance specialist at the Mutual, Sean McCann, has given some tips to Brits looking to save money on their taxes by making the most of current legislation.

“Between now and the end of the tax year there are opportunities for people to get their finances in order and make the most of tax rules and legislation which could lead to some substantial savings,” said McCann.

Pensions

According to McCann, many higher rate and additional rate taxpayers are missing out on the full 40% or 50% tax relief on their personal pension because they don’t include it on their tax returns. His tip is to backdate your claim for tax relief on pension contributions made up to four years ago. “This is a simple way to claw back the tax owed to you.”

Taking money out of an investment

Tax implications involved in investments demand a “closer look at their finances to make sure they’re making the most of tax opportunities”. McCann reminds people that the impact of Capital Gains Tax can be minimised if families – particularly married couples – use their individual tax entitlements effectively.

Giving money away

Some gifts can be made without paying any tax at all. In fact, everyone is entitled to give away a total of £3,000 each tax year completely free from inheritance tax. Any unused aspect of last year’s entitlement can be carried forward too. Therefore, McCann advises you to combine both this year’s and last year’s entitlement to give away a more substantial sum.

Starting yesterday and lasting until the 21st of January, ‘The Big Energy Week’ aims to help people save money on their fuel bills.

“We know that a lot of households are struggling to cope with rising energy costs. Many people could cut their gas and electricity bills by moving to a better deal with their existing supplier, switching to another supplier altogether, or by taking up home insulation offers,” said Energy and Climate Change Secretary, Chris Huhne.

“But we need to make sure consumers are aware of this and make it easier for them to take action to save money. That is why I am backing Big Energy Week. We want to get the advice and information out to as many consumers across the country as possible,” Huhne added.

How to make your energy bill cheaper?

• Compare tariffs in the different energy providers and shop around for the best deal – switching websites could help you on this. By switching suppliers, you could save up to £200 off your annual bill.
• Check that you are not paying too much for your current tariff – if you haven’t switched providers for a while, it is likely that you ARE paying too much.
• Find ways of reducing the costs: paying via a monthly direct debt could reduce costs. Additionally, check that you are not missing out on any benefits or tax credits that could increase your income, the Citizens Advice Bureau could help you with this.
• By insulating your home, you could save up to £120 per year on heating. Ask your supplier if you are eligible for a discount.
• Turn the temperature down. Certain habits such as turning your thermostat down 1°C or switching lights/appliances off at the wall when not in use could also help to save energy.

Related articles:

Save over £1,000 on energy bills 

Keep your house warm this winter

The New Year is on the way and considering how tough 2011 has been in economic terms, the comparison site unbiased.co.uk asked a number of financial advisers to give their top financial tips for 2012.

• “My tip for the New Year would be to make sure your investments are well spread.  Don’t listen to anyone who tells you they know what’s going on because they most likely don’t.” Jaskarn Pawar, Investor Profile.
• “Do not, whatever you do, ‘rate tart’ with credit cards.  There are many well intentioned people who save their £5,000 into an interest bearing account and at the same time build up a credit card debt.  Steer well clear: the marginal benefit is heavily outweighed by the likely cost.  Cut up your credit card if you can and you will never regret it”. Dave Penny, Invest Southwest.
• “Check those direct debits that are going out each month.  Are they benefiting the supplier more than they are benefiting you?  You could find easy money from combing through your bank statements that could be used to pay down debt or save for the future.” Mel Kenny, Chartered Financial Planner, Radcliffe & Newlands.
• “The biggest priority is to reduce any debt that you have.  You are now probably paying less per month for your mortgage than you did (say) five years ago.  Take this as the opportunity to pay more and reduce the debt.” Harry Katz, Norwest Consultants.
• “If you have assets worth over £325,000 you may have a liability to Inheritance Tax (IHT) after your death.  This liability can be planned for and minimised if the correct advice is taken.” Sharon Pallagi, Clarion Solicitors.
• “Think about your life expectancy – how many people do you know have parents/relatives in their 70′s, 80′s or 90′s being cared for/supported by a younger generation.  How much money do you need to fund your retirement and who will care for you?” Jonathan Hill, Milford & Dormor Solicitors.”

Read more:

Ways to Reduce Your Personal Debt

How to Avoid Financial Confusion over Bills

Winter is a particularly dangerous time to travel, especially when adverse weather conditions can affect your trip. Aside from personal injuries, winter car accidents also come with expensive costs.

Snow, cold, rain, fog, ice, darkness… there are many adverse weather conditions related to winter. However, life doesn’t stop and everybody needs to keep travelling, even in the coldest season. Below are some of the top tips to travel safely this winter and save some money at the same time. 

• First rule when travelling in winter is to check out what the latest forecast and warnings are and make sure you follow all the safety advice given by the professional bodies. 
• Before winter arrives, take your vehicle to the garage for a full check up. Preparing your car for winter is essential to avoiding nasty surprises on the road. 
• Do you know how to drive in hard winter conditions? Attending a course or getting online information on how to drive on snowy or icy roads can prevent you from having accidents. 
• As well as winter driving, learn what to do in case you have minor incidents on the road such as how to put snow chains in your car. This is a ‘must-do’ in winter which can save you from numerous headaches. 
• Having an emergency kit ready to use in your car is also highly recommended. Small LED flashlights, a torch, emergency flares, hazard triangles, an emergency blanket, non-perishable snacks or even some sort of children’s entertainment will be a great help in case of having a road incident. 
• What is the best transportation? If you are travelling long distance in winter, some transportation systems are better than other ones. For instance, in case of snow conditions, trains are generally more reliable than planes, which might cancel their services in case of severe weather.