Tax allowances added to the new tax year from 6th April, help the self-employed cut costs. Let’s look at benefits, from your self-employed tax refund to other allowances
As a leading tax refund agent in the UK, the professional accountants at Taxback know a thing or two about helping you save your hard earned money. Here are some tips on how to make the most of the new tax allowance changes and claim your self-employed tax returns in the UK.
Know Which Tax Allowances You Can Claim to Cut Costs As A Self-Employed UK Tax Payer
The deadline for submitting your self-assessment tax return online is January 31st. You must maintain a record of all your expenses and bills throughout the year, to make your self-assessment accurate and easy.
A number of expenses allow the self-employed to claim tax refunds. To fully benefit from them, have your tax file evaluated by a professional tax consultant. We will check and let you know if you are owed a UK tax refund and how much you can save when paying the taxman.
Related Post: UK Tax Tips For Saving When Operating As Contractor Through A Limited Company
Your Personal Savings Allowance Will Help You Cut Cost As A Self-Employed UK Tax Payer
You get a tax allowance for all money you put into a savings account. This is called a Personal Savings Allowance. And according to your tax band you get a tax free allowance of up to £ 1000. Talk to us for more details on how to save money and pay less tax!
Don’t Use Your Credit Card For Business
Its tempting to use your credit card in times your funds are low, but never do so for business purposes. Consider getting a credit card for only business use or if you are stuck for funds when starting up a new venture, consider a business loan. Also, evaluate the benefits of a business current account, some banks extend a range of benefits towards business accounts.
While the above three tips will help you save more and pay less tax, a professional tax consultant will help you retain more of your hard earned money and claim tax refunds from HMRC.
Let’s chat today!
Related Post: What To Consider Before Becoming Self-Employed – And Claim Self-Employed Tax Returns Too!