Guide To Living In London On A Budget – TaxBack

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Living in London on a Budget

Guide To Living In London On A Budget

Make the Most of Tax Refunds UK Has to Offer!

London can be tough, whether on a tight budget or blessed with deep pockets! The city is listed as one of the world’s most expensive is especially tough when rentals and tax are due. We offer you a solution – a light at the end of the tunnel in the form of Tax refunds UK. That’s right, while paying tax, rent etc. you can look forward to a reward by claiming your UK tax refund! Read on to get more educated.

Finding Jobs in London and Taking Care of your UK Tax Returns

If you haven’t secured a job before moving to London, you need to do get busy and look for one that suits you. Here are options for job hunting in London;

  • Search online
  • Use the local newspapers 
  • Browse career fairs
  • Send in your CV’s to companies even if they are not hiring
  • Check out available jobs close to your living space

Once you secure a job and start earning monthly you will fall into the PAYE (pay as you earn) system where your employer contributes a part of your wages to HMRC as taxes. There are times you end up paying too much tax, which we at can help get back. Once we check and confirm with HMRC your overpaid tax amounts, a tax return can be filed, where at the end of the financial year, you receive a cheque or deposit to your account, from HMRC. A welcome bonus when living in an expensive city like London! Besides, a professional tax consultant will make sure you file the correct tax code with your employer and avoid over-paying tax, leaving more of your wage to take home.

Related Post: What To Know For Working In The UK

Finding Cheap Accommodation in London

Once you get your tax back matters sorted out, you may have budget for proper accommodation. Living space in London is the most expensive, single room rentals average at around GDP 400 to 500 a month (at the time of writing this article). If you are considering buying a home in London, there is a mortgage calculator which will help assess you costs. Plus, we could help by submitting your monthly mortgage payments for tax deduction when claiming your annual UK tax refunds. You can look at shared ownership which again entitles you to tax deductions in UK, or a roommate to share the rental.

Cheap Travel in London

While the tube is fast and convenient, you can save by getting a travel card, check out your options and choose the best.

As you can see, with fore-thinking it’s possible to live in London even on a budget. Contact our UK tax agents to make sure you get the maximum out of your wages!

Related Post: Travel Europe on a Budget

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