Our Top Ten Tax Tips

Here are our top tips on some ways to cut your tax bill this year. Some are old ideas but often forgotten, some are new ones you might not have thought of before and some are last chance opportunities that you have to seize now before the rules change.

1. Pension Payments − if you pay into a personal pension you get tax relief on the payments
2. Capital Allowances − Sole Traders often miss out on capital allowances on cars and equipment, using the annual investment allowance
3. Expenses − working from home, you could claim a %age of your household bills including your mortgage
4. Holiday Lets − this is the last year that you could claim to offset property letting losses
5. Capital Gains − you have £9600 allowances, try to manage gain to stay under the threshold
6. Entrepreneurs Tax Relief − if you have converted your sole trader or partnership to a limited company you have goodwill on which you could claim tax relief
7. Tax Relief on loans to your business − if you borrowed money to buy shares in your business or to provide loans you can claim tax relief on the interest paid
8. Property Investment costs − you can offset mortgage interest and other expenses
9. Self Employed start up − you can claim for pre-trading expenses and assets, purchased up to 7 years before your started trading
10. Payments on Account − are they too high, why pay too much in advance if business looks slow, put in a claim to reduce payments on account and improve your cash flow

If you want more information on how to take advantage of any of these just give us a call for some advice or ask for one of our information sheets.