ax savings can be made across a range of personal and business areas. Simple things like checking you are on the right Tax Code can help ensure you are not paying too much tax. We can help you understand how to pay the correct amount. For example you may end up paying capital gains tax on assets that are worth under the tax-free threshold. In this case you will not have maximised your allowances and may be eligible for a tax refund.
There are many other areas which fall under the heading of tax savings including the ‘Annual Investment Allowance’, ‘Tax Deductible Expenses’ and the ‘Landlord’s Energy Savings Allowance’. You may simply not be aware of some of these allowances and the tax relief that you may be able to claim.
Great support at helping run my businesses. My tax is always taken care of.
Douglas Irvine Perth
You can also save on investments and savings themselves by transferring assets between family members and older people can make substantial tax savings with allowances such as the ‘Age-related Allowance’. Gift Aid, tax relief of gifts and issues to do with inheritance tax all further add to the vast area of tax savings.
Further to this there are tax savings available for employees and employers to do with, for example, company cars (an employee may be able to take a cash sum as payment instead which may end up with greater tax-efficiency), going green and pensions.
Talk to one of our friendly experts at Steedman & Company to set up a free initial consultation to discuss what aspects of tax savings affect you.