In the telecommunications field, multicarrier modulations attract a lot of attention among researchers and engineers, especially specialists in 5G domain. Several candidate waveforms have been proposed to be used in 5G systems. In this paper, Universal Filter Multi Carrier (UFMC) is recommended for 5G communications. UFMC is recommended because of its many advantages such as significant reduction of Out Of Band emissions OOB and support for data bursts. Nevertheless, UFMC is a multicarrier communication system, so it also suffers from high Peak to Average Power Ratio PAPR problem, which every multicarrier technique suffers from. In order to reduce the PAPR, many PAPR reduction techniques were proposed over the last few decades. Clipping and companding are two promising techniques, which are used in PAPR reduction of multicarrier communication system. In this paper a clipping and companding combined scheme is used, leading to significant performance improvement as a function of PAPR compared to the clipping and Companding techniques applied separately.