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Saving Tax by Investing

Save tax by investing your money

Pensions 

If you have earnings from self-employment (or employment, if you do not contribute to a company scheme) you can use that income to make provision for your retirement. Within certain limits, you will get full tax relief on your payments, which compares very favourably with other financial products where you get no tax relief. However, you will have to wait until you are at least 55 to get at the money - that is the catch in it. Nevertheless, this is an effective and tax efficient way of saving tax, particularly if you are paying tax at the higher rates. Even without earnings, it is possible to contribute to a pension. If you wish to make a pension contribution, you should seek advice from an accountant, tax adviser or qualified Financial Adviser. 

Other tax efficient investments

There are other tax efficient investments, such as Individual Savings Accounts (ISAs) and Insurance Bonds. For more information on these, contact a qualified Financial Adviser. 

Personal Financial Advice Scheme

If you are experiencing difficulties with HMRC, NI Contributions, VAT, your ‘band’ finances, or just need some financial advice, you can get help from the MU’s preferred financial partners, HW Fisher & Company.

Please note that it is essential you are up to date with your MU Subscriptions to enjoy this (or any other) benefit of Union membership.