An individual earning £50,000 could end up paying around £1,013 more in tax in 2020, via increases in National Insurance, Income Tax, Council Tax and VAT.

In case this seems daunting, wealth manager 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 option, as in addition to tax free growth, you get a 2...