Hillmans' Tax Savers
We take great pride in our ability to cut tax bills for our private and small business clients.
Included below are 5 simple tax savers for small business owners and individuals:
1. Tax code
If you’re an employee or receive a pension make sure you check your tax code each year. You may be paying too much tax if you’re on the wrong code.
2. Capital gains tax allowance
The tax-free allowance for capital gains in 2020/21 is £12,300. If you are married or in a civil partnership and own an asset jointly you can claim a double allowance of £24,600.
3. Annual losses
If you are self-employed and make a loss, you can carry forward the loss to the following year and offset them against any profits.
4. Rent a room relief
If you rent a room in your own home to a lodger, up to £7,500 can be received tax-free under rent a room relief.
5. Tax relief on donations
If you are a higher tax payer, you can claim back the difference between the basic and higher rate of income tax on any gift aid donations.
For more tax savers please
contact us in our Worle, Weston-super-Mare office.
