This could be one of the most frequently asked questions that accountants receive, from individuals and business owners. The answer really lies understanding how to minimise your tax liabilities.
Are you aware of the tax reliefs available?
One of the key ways to reduce your tax liability is by taking advantage of the reliefs available relevant to your employment. These could be the flat rate expenses such as  uniform washing, tools and protective clothing, and professional fees. It’s vital to keep records of your expenses throughout the year – which can then be factored into your tax return.
Are you making contributions towards your retirement?
Contributing to your pension not only helps secure your financial future but also provides immediate tax benefits.
Are you making the most of the allowances you are entitled to?
Do you know what allowances you are able to claim? Are you using them? This could help you to reduce the amount of tax you pay. These include, Income Tax/Personal Allowance, Marriage Tax allowance – this gives you the option of transferring up to 10% of your personal allowance to your spouse or civil partner. Personal savings allowance, ISA Allowance, Dividend allowance, Capital Gains Tax allowance, Pension annual allowance, and Pension carry forward allowance.
Is your business structure tax efficient?
As a business owner. choosing the right business structure can have a significant impact on tax liabilities. Sole Trader. Partnership or Limited Company, each structure comes with its own tax implications. We can assess your business needs and recommend the most tax-efficient structure for your situation.
Have you asked your accountant for advice?
Tax laws are subject to change, and staying informed is essential for effective tax planning. Our experts are up to date on the latest developments and any changes affecting tax regulations. This means we can give accurate advice and let you know about any changes that may affect your situation.
If you have specific questions or would like advice tailored to your circumstances, please don’t hesitate to contact us. Our experts will be able to share their valuable insights and strategies to help you keep more of your hard-earned money.
