Highest and lowest income places in Yorkshire named as end of tax year nears

Sheffield Hallam is the highest earning constituency in Yorkshire with income for all adults, including the self employed and pensioners, averaging £25,300.

That’s £5,700 more than the average for the region and £8,400 more than those in the lowest earning constituency, Hull West and Hessle.

Annual income tax bills in the region average £2,110. But, according to financial services provider NFU Mutual, people can take some simple steps to reduce bills before the tax year ends in April.

Paul Kettlestring, financial adviser at NFU Mutual in Pocklington, said: “Whether you’re a higher or basic rate taxpayer, there are simple things you can do to reduce tax bills. If your husband, wife or civil partner is paying a lower rate of tax than you, transferring certain assets can reduce your combined tax bills.

“Pension contributions can help to reduce income tax and money put into ISAs also has very generous tax treatment compared to other savings and investments.

“This month’s Budget has given people more opportunities to take action.

From April 2016, basic rate taxpayers won’t pay tax on the first £1,000 of interest from bank or building society accounts. For higher rate taxpayers the tax-free amount will be reduced to £500.

“The rules can be complicated so it’s often best to take professional financial advice to make sure you’re making the most of your money.”   

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