With just under two weeks to go until you need to have returned your 2015-2016 tax bill to HMRC, this isn’t always the most fun time of the year for many. But it still needs to be done. Take a look at some of these ways to ensure your tax bill is as low as it can be, and get in touch with Yorkshire Accountancy for a proper look at your finances.
Are you eligible for the marriage allowance, and if so are you claiming for it? The idea behind this allowance is to help couples in which one is a low earner. It means that when the lowest earner pays no tax because they don’t make enough to meet the threshold, they are able to transfer £1100 of that allowance to their partner. It is worth a rebate of £220 a year.
The first £5,000 you receive from any share dividends is now tax free. That change came in in April 2016, and it means that you don’t have to declare anything under £5,000 when it comes to shares. So don’t!
Are you a higher rate taxpayer who has paid for charitable donations through Gift Aid? If so, you can claim back the higher rate tax already paid.
Union fees and professional fees can also be deductible – although not in all cases. There is a list held with HMRC of approved bodies which include the National Union of Teachers (but not the National Union of Journalists).
For more information and ways to save, please contact us.