- claim all the expenses that you were entitled to claim – did you know that HMRC publishes a table of flat rate deductions for many trades but also uniformed services and teachers. Have you claimed the right mileage allowance (whatever rate you actually receive)? Have all your benefits in kind been properly declared? Are you getting the right personal allowances taking into account gift aid, pensions etc.? The list goes on and on …
- claim all the tax relief to which you are entitled e.g. losses, farm averaging, and if you did, was it in the most efficient way? Did you manage to get tax back from last year based on your current tax return? You may be happy not to be paying tax, but we are only really happy when we get some back for you that you thought was gone forever.
- review your last year’s return – you submitted your tax return by 31 January. Did you know that you have until the following 31 January to revise it without penalty. So, while you are preparing one tax return you should be checking for anything you missed in the previous year. Was there anything that came to light this year that you wanted to claim last year, it’s not unusual.
- make all the appropriate elections – do you have a second home? Should you be electing for it to be your principal private residence even just for a week? Simple (legal) strategies like this can save you thousands of pounds. The list is too long so you need to come and speak to us.
- make an investment in another business – is this an EIS company attracting tax relief on the funds invested? Have you borrowed money to invest in a business and could the interest qualify for tax relief?
Still sure your self-assessment tax return was correct? – Many taxpayers struggle with the forms. It is so easy to inadvertently submit wrong figures or miss claims or elections and end up paying too much tax without even realising.
Was your tax return submitted on time – about 10 per cent of self-assessment tax returns are submitted late netting a huge windfall for HMRC every year. In addition, penalties are charged for late payment of tax. They have you either way. Don’t let this happen to you.
More changes seem to be announced to the tax system every year. The returns are becoming even more difficult to understand and you risk incurring more penalties through failing to complete your returns on time and correctly.
Peace of mind comes from knowing that you have a trusted adviser looking after all your tax affairs.
We provide the assurance that your tax affairs are up to date and legal, ensuring that you are not paying a penny more than you are legally obliged to pay..
“We stand between you and the taxman, so you never have to deal with HMRC directly.”