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 2016/17 is £11,100. If you are married or in a civil partnership and own an asset jointly you can claim a double allowance of £22,200.
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.