An individual earning £50,000 could end up paying around £1,013 more in tax in 2020, according to Hargreaves Lansdown.

These increases will come through National Insurance, Income Tax, Council Tax and VAT.

However, in case this seems daunting, Hargreaves Lansdown has highlighted five ways to cut your tax bill in 2020.

1. ISAs

The government offers the chance to save £20,000 in this tax year free of tax, in a bid to encourage saving and investing.

If you’re saving to buy a first property, are aged 18-39, and have at least a year until you expect to buy, a LISA is a good...