- Rain Gaskell wants to help you develop the best tax saving schemes. We want you to grow financially by paying the required tax only. This can be done without any trouble and hitch. Make faster progress financially by taking some necessary steps which can save you a massive amount of tax. Some of them are:
- The income can be taxed at a lower rate if there is a transference or move of assets between spouses
- Show that your property requires refurbishment or renovation
- Make better use of the ISA allowance
- Start investing in pension plans which helps in the tax exemption
- If you are a freelancer and working from home, then, you can easily claim your expenses for business
There are specific deadlines which need to be followed like:
- Tax returns which cover the income for the entire year and ends on 5th April have to be submitted to HRMC by 31st January. This helps in the self-assessment of your liability to pay and also gives you an important tip on capital gain tax.
- Also note that the payment of income tax and class 4 NIC is scheduled on 31st January and this is purely based on half of the total liability or outstanding. But the good news is that they can be lowered down if your income tax for the current year is not as big as the previous year.
- There is a penalty of £100 up to three months in case you miss to file tax on time.
- You should have complete employment records
- Make sure you have complete details for benefits like company car, health insurance, maternity pay etc.
- Keep the records of rent received, multiple expenses, fixed savings and investments and other financial aspects. Rain Gaskell offers complete tax accounting services in London. So, if you are concerned about saving your tax, just email or call us and we will guide you in the best possible way.