Matthew is an award-winning journalist, specialising in savings, tax and insurance. Set as preferred source HMRC pocketed over £23bn in income tax last month alone, up 10% compared to last year and 53% more than five years ago. Frozen tax thresholds since 2021 have helped drive the increase, with more people pushed into a higher tax band as wages rose. With the freeze not due to end until 2031, it's important to look for ways to cut your bill.