The latest figures on the inflation rate in the UK showed that it had reach 9.9% in the year to August. While this represents a slight decrease from the inflation rate figures in July (10.1%), the number still remains high and many people are starting to feel the pinch.

Daniel Tomassen, senior manager, private client department at accountancy firm HW Fisher, explained that there are a number of tactics that are available to individual taxpayers to cushion the blow from ever increasing living costs.