Trying to work out your tax bill can be frustrating, especially if you’ve got income coming in from a lot of different sources – and if your tax code is split between different jobs. It’s important to take the time to check your paperwork and make sure that your Personal Allowance is being put to full use. If you’re earning less than £12,750 combined from more than one source – your tax code should be split between the jobs, to reduce or eliminate paying tax.
If you’re earning less than £12,750 at one job and are paying Basic Rate (BR – 20%) at your second job, then you need to get that changed, because you will likely be overpaying tax!
For landlords looking to reduce their tax bill and make the best use of expenses – it’s important to carefully investigate what is allowed as an expense, especially as HMRC don’t have a comprehensive list on their site – and you could be missing out on reducing your tax liability!
If you need help and advice with your personal allowance, managing your expenses, or need to make sure your tax situation is all in order – our advisers are here to help. Book a consultation, and we can provide you with the information and services you need to make the most of your money.