Tax Planning Tips

As the 5 April 2019 tax year end approaches, here are some last minute tax planning tips that may save you money. Pension Contributions Tax relieved pension contributions can be made up to 100% of earnings, capped at the level of the annual allowance. The annual allowance is set … [Read more...]

Tax Free Earnings

Below is a list of tax free allowances that mean you can earn money without paying tax or even declaring it to the taxman. Trading Allowance You can earn income of £1,000 tax free, without even having to declare it to the taxman. If you earn more than £1,000, the allowance … [Read more...]

Salary v Dividend

A popular way for directors/shareholders of small companies to take money out of their company is to pay themselves a small salary and take the rest out in dividends. So for the next tax year (2019/20) what should the salary be set at to ensure a director pays the least amount of … [Read more...]

Expenses Landlords Can Deduct

Expenses Landlords Can Deduct Landlords must pay tax on any profit from their property rental business (although income from property of less than £1,000 a year can be ignored). In working out the profits, expenses are deducted from rental income. To ensure that the landlord … [Read more...]

Private Residence Relief

How Does Private Residence Relief Work? Private residence relief (also called main residence relief) prevents a liability from capital gains tax arising on any gain on the disposal of a property which has been the taxpayer’s only or main residence throughout the period of … [Read more...]