Five Tax tips for your Self-Assessment return

The deadline for submitting your 2018 Tax Return online to HM Revenue & Customs is 31 January 2019. Failure to submit a return by this date will incur a £100 penalty which will automatically escalate to at least £1,300 for continued failure regardless of whether any tax is actually due.
Make a New Year’s resolution to stop procrastinating or fearing tax. If you are worried about your tax position give us a call and you might be surprised how little tax you actually owe and may even have paid too much!

1. If you are a higher rate tax payer make sure you are claiming tax relief for your pension contributions. Your employer might be deducting personal contributions that you can obtain tax relief on through your salary.
2. Does your employer pay you mileage below the HMRC approved mileage rate of 45p per mile? If so, you can claim the extra relief on your 2018 return.
3. Gift Aid contributions also obtain additional tax relief for donations paid. These can also be carried back so the donation you made for Movember or Children in Need in late 2018 for example can be set against your tax bill for the year to 5 April 2018
4. The taxation of let property has changed. You can now claim for replacement of domestic items on purchase (such as fridges, ovens, furniture etc), so don’t forget to do so! Also, don’t forget that for this year only 75% of the mortgage interest paid will be available to reduce the rental profits. The remaining 25% of the interest will only be available as a 20% credit to set against any tax due on the rental profit. 
5. Have you claimed all of the expenses you can against your employment income. If you pay any professional subscriptions personally these can be used to reduce your tax liability. Equally there are flat rate allowances for various occupations including uniform allowances for most public service workers as well as many others.

If you really still can’t face completing your 2018 Tax Return ask us for assistance sooner rather than later to prevent interest or penalties arising. As mentioned above you may even be entitled to a tax repayment!

Inheritance Tax Seminar

If you are concerned about Inheritance Tax, whether your own or potential liabilities of family members please come along to our Free seminars in conjunction with Ellisons Solicitors

5^th February 2019 11am – 12am
7^th February 2018 2pm – 3pm

To book or for more details see https://www.beatons.co.uk/news/events
or email mandy@beatons.co.uk or call 01473659777