UK tax allowances’ that (if used correctly) reduce the amount of tax you pay 💰

1. Income Tax Allowance
2. Trading Allowance
3. Marriage Tax Allowance
4. Personal Savings Allowance
5. ISA Allowance
6. Dividend Allowance
7. Pension Annual Allowance

Thread 🧵⬇️ 1. Income Tax Allowance - Every one has a ‘Personal Allowance’ of £12,500, anything you earn up to this figure is tax-free.

gov.uk/income-tax-rat…

I’ve been a money blogger for 6 years, in those 6 years I’ve bought my first home, paid off my mortgage & side hustled over £100,000.

Here are the 5 personal finance rules I live by. A thread 🧵 1. Live below your means ⬇️

I spend less than I earn every month (no exceptions). I see the money I don’t spend as freedom money and use it to:

• Save for short-term goals (travel/new experiences)
• Invest for long-term goals (early retirement)

Let’s talk about passive income!

This is money you earn that doesn't require you to do “active” or ongoing work (although it usually requires some effort to set up).

My favourite way to define it is money you can earn while sleeping 👌

See below some passive income examples... 💰Affiliate marketing - earn commission by promoting products (anyone with a social media account or blog can do this passively)

💰Rental income - rent out a property, spare bedroom or space

💰Online courses - sell access to insider knowledge on your specialist subject