Joining us in the booth this week is Benedicta Egbeme, who is a CIMA Qualified Accountant, Management Consultant and Business Finance Coach. In this episode we discuss: - The income tax allowance - How much you get taxed and at what salary - The UK Tax system incentivising business owners - Government getting rid of the dividend allowance - How employees can reduce their tax liabilities - The impact of the income tax allowance being frozen till 2028 - What to do once you've received your tax code - HMRC targeting people with side hustles and much more Follow Benedicta on Instagram here Follow me on: Instagram - https://www.instagram.com/savvywallet Tiktok - https://www.tiktok.com/@savvywallet Check out: https://www.youtube.com/savvywallet for the video version Our partners: Coursera Learn AI, Cybersecurity, Project Management, Data Science & more with Coursera here: https://imp.i384100.net/savvywallet Ato has personally used Coursera to obtain an AI certificate. NordVPN Get 3 extra months free with a 2 year plan: https://go.nordvpn.net/aff_c?offer_id=15&aff_id=106735&url_id=902 Some of the links are affiliate links which means that we will receive a small commission if you make a purchase, however there will be no additional charge to you. TIMESTAMPS 00:00 - Preview 01:00 - Intro 01:35 - Meet Benedicta the Accountant 05:17 - What is the income tax allowance 09:13 - This happens if you earn over £100,000 11:25 - UK Tax Systems wants everyone one the same level 12:24 - Being an employee is a scam….Businesses pay less tax! 18:52 - How to reduce your tax liabilities as an employee…! 22:09 - If you earn £100,000 you have to do a self-assessment 23:06 - People don’t want to be responsible for their money 25:14 - Income tax rate frozen until 2028, how it affects you 26:52 - Why is the government getting rid of the dividend allowance? 30:12 - The UK has a better system than most… 34:45 - Do this once you receive your Tax code…. 36:36 - HMRC targeting side hustlers…has anything changed…? 41:21 -If you don’t pay tax what will happen? 45:04 - How to pay your tax bills…! 46:32 - How far will HMRC go back with the side hustles 49:39 - You live in a country that has allowed you to make money safely…! 52:59 - Final words Learn more about your ad choices. Visit megaphone.fm/adchoices

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