To minimise tax liabilities, individuals can make use of tax allowances and reliefs, claim allowable expenses, utilise tax-free Individual Savings Accounts (ISAs), invest in pensions for tax relief, make charitable donations for tax deductions, and consider tax-efficient investments like Enterprise Investment Schemes (EIS) and Venture Capital Trusts (VCTs).
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In the UK, the personal allowance for the 2021/22 tax year is £12,570, which is the amount a person can earn before paying income tax. Additional allowances include marriage allowance and blind person's allowance. A single person earning £25,000 will pay an income tax rate of 20%, resulting in an income tax payment of £2,486.
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