Have you filed your 2017/18 self-assessment return yet? Time is fast running out if you are to meet the 31st January deadline and avoid a fine.
Smart tax payers are already planning their 2018/19 returns for completion as soon as possible after April .These must be filed by the 31st January 2020 !
Whether you are ahead of the game or yet to meet the 17/18 deadline you will probably be aware of the key reliefs. Typically these include the marriage allowance, mileage, gift aid, fees and subscriptions and pension contributions. If you are not aware please call HW Associates on 01462 420042.
But what about the more esoteric reliefs ?
Are you aware of the uniform tax rebate?
The uniform tax rebate is claimable if you are required to wear a uniform for work. Do you pay for washing and repairing your uniform if it is branded or protective wear ? Occupation specific uniforms have an annual allowance which varies depending on the particular industry. For non-occupation specific uniforms the annual standard maintenance allowance is £60 for 2017/18 at the tax payer’s prevailing rate of income tax. To see if you might be entitled to make a claim please contact us for advice.
What about working from home relief ?
Do you work from home? If so for how long each month ? Are you self-employed ? If it is between 25 and 50 hours you are able to claim £10 per month, for 51 to 100 hours £18 and for more than 101 hours £26.
Records are not needed if you are claiming no more than £18 per month .However, HMRC does allow an alternative basis for claims based on what is considered to be reasonable .You are required to state the rooms that are used and for how long .The resultant percentage of rooms / time used for business is applied to the total utility charge incurred for your home to calculate the claim. We advise on what can be claimed.
Claim what you are due. But always remember to take advice on other possible future implications. What about the potential capital gains tax position on the sale of your property when you claim for working from home ?
There are many available reliefs ,some of which are not immediately obvious .We can review your tax position for 2018/19,in advance of the 6th April. We will help you identify the claims that you can legitimately make. Consequently your income tax liability is minimised.
To see how we can help please contact : Yvette Neill, Liam Ryan or Mark Hjertzen on 01462 420042 or on firstname.lastname@example.org.