Did you know?
- If you are an employee check your TAX CODE each year because if you are on wrong one you may be paying too much TAX.
- Capital Gain Tax allowances; each person is entitle to have tax free allowances on capital gains each tax year,married couples who jointly owe the asset can claim double the amount.
- If you sale a business you may be qualified for entrepreneur relief which reduce the Capital Gain Taxes even further.
- TAX return deadlines ; If you are self- employed you should try to avoid to submit your tax return at the last moment .Do not miss the deadlines 31st of October for paper tax return and 31st of January for online one because you may be faced with fine.
- AIA-annual investment allowances; do not forget to take advantage of AIA to claim 100% allowances of your business capital expenditure as computer, equipment ,tools etc.
- Are you working from home? You may be entitled to work from home allowances.
- Do you claim your fuel cost , MOT, etc. of your car usage for running the business?
- Carefully choose your business structure for example -Sole trader or Limited company ? This can save you tax!
- If you are self- employed and expecting to earn less in the following year ,do not forget to reduce your payment on account.
- Company car or using your own car ,not always having a company car is tax benefitial because you may get charged tax on car allowance.
- Rent a room scheme—this scheme applies only for furnished lettings, earnings up to the threshold from subletting are TAX FREE.
- If you rent a property you can claim up to £1500 energy savings allowances for energy saving property improvements such as insolation.
- Related to letting expenses such as agency fees mortgage interest, garden maintenance expense ,wear and tear allowances or replacement cost also are allowable expenses which could be easily forgotten.
Please note these are General TAX Savings Tips, each business is unique and needs to be considered individually.