Tax Saving Tips for Individuals & Small Business

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Tax Saving Tips for Individuals Small Business
Davenport Thomas.

• Find out how to pay less tax and enjoy tax
  benefits.

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About Us

• How to Pay Less or Minimum Tax
• Doesn't matter if you're an employee or
  self-employed, a small business man, a landlord,
  investor or pensioner. There are lots of ways to
  reduce your tax bill legally.
• Here we have mentioned some simple tips tricks
  that will help you to cut your tax bills.

• We offer comprehensive financial advice service
  to help with all your short, medium and long term
  financial planning requirements.

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Keep Check on Tax Code

• Check your pay slip and pay attention on your tax
  code. It indicates how much tax HMRC will collect
  from your salary.
• Check tax code every year, or after changing your
  jobs, to make sure if its correct for your
  situation or not.
• If you are on wrong code you may receive refund
  for previous years, or you may need to pay less
  in upcoming months.

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Claim Your Tax Credits

• Tax credits are applicable for people who are
  looking after children, or may have some
  disability and people with low income.
• Tax credits provide extra money to applicable
  candidates.
• Mainly there are two types of tax credits child
  tax credits and working tax credits.
• If youre already receiving universal credits
  then you are not eligible to claim for tax
  credits.

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Marriage Allowance

• If your partner earns less than the personal
  allowance then the couple can get benefited from
  the marriage allowance.
• If you are married, then you can transfer any
  unusual personal allowance from low-earning
  partner to high-earning partner. Up to 1,250 can
  be transferred in 2019-20, potentially saving you
  up to 250.
• To qualify for marriage allowance, the higher
  earner must be a 20 tax payer.

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Tax Return Deadline

• If youre one of those people who need to submit
  tax-return, then make sure to never miss the
  deadline.
• For online submission, deadline is 31 January
  2020 to file your 2018-19 return. But if you want
  to file on paper, you need to submit it by 31
  October 2019.
• If you miss the deadline, theres an automatic
  100 fine even if you dont owe any tax.

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Reclaim Overpaid Taxes

• You are eligible to receive income tax refund
  when youve paid more tax than your actual tax
  liability.
• This normally happens when you paid self
  assessment tax in advance or TDS deduced from the
  tax payer is higher than their liability.
• You can claim the refund of excess tax while
  filling the tax return for that year.
• To reclaim, fill out form R40 from HMRC, or call
  them.

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Capital Allowance Scheme

• You can claim back 100 of the first 200,000 you
  spend on large business purchases each year. So,
  if you buy eligible capital items before the end
  of year, you can offset the entire cost against
  your profit for that year.
• HMRC calls eligible items plant and machinery.
  They include
• Business-related equipment's(tools, boots
  safety helmets)
• Machinery
• Truck, car or van which you buy for business use.

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Work From Home

• If you work from home, you can claim a tax
  deduction for part of your household bills.
  Expenses you can deduct include
• Heating and lighting
• Mortgage interest (not capital) or rent
• Council Tax
• Internet and telephone use
• Water rates
• Some repairs and maintenance work
• Buildings insurance

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Thank You
Davenport Thomas

• Davenport Thomas

• 0208 6182077

• info_at_davenportthomas.co.uk

https//www.davenportthomas.co.uk/