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Speculation is growing that Chancellor Rachel Reeves could extend the tax threshold freeze until 2030 in her Autumn Budget next week. Financial experts predict that such a move could raise around £7.5 billion a year, which is said to be used to plug the gap in public finances. ‌

Many workers across the country may not be aware that the average Brit who earns £35,000 per year will have paid roughly £900-£1,000 more in tax between 2022 and 2030 than if tax thresholds had risen with inflation. It’s also important to be aware that in Scotland, there are six tax levels which are set out by the Scottish Government, not Westminster. ‌

This type of taxation is known as fiscal drag, and the best way to reduce its impact is to lower your taxable income. Antonia Medlicott, Founder and

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