If you’re in Thame and you pay tax, it may be worth enlisting the services of an accountant to help you get the bill down as low as possible. At ShennanS, we aren’t just payroll service and business advice specialists, but experts in helping domestic clients minimise their tax bills. So if you’re searching for an accountant who can help you squeeze the most out of every penny, we’re the firm for you.
On this page, we’ve featured some simple tax advice that may come in handy if you’re in Thame and the self-assessment deadline is rolling around. However, if you require an accountant for more specific, bespoke tax advice and assistance, or you could benefit from our payroll services and business advice, then be sure to get in contact with us.
This is perhaps the most common titbit of tax advice an accountant gives out, yet still so many people ignore it! If you’re employed by a company, they will deduct pension payments from your wages before tax is calculated. The more you put into your pension pot, the more you save on tax. For example, if you earn £40,000 a year and decide to pay an extra £1,000 a year into your pension, just £39,000 of your pay can be taxed. This saves you £200 a year.
If you’re self-employed then your pension provider can claim back tax on every pension contribution you make. They then add it to your pot. For example, if you pay £80 into your pension, your provider claims back £20 in tax then adds it to the contribution, meaning it actually totals £100. An accountant can provide tax advice to help you figure out the best way to use your pension pot to save on your final bill.
Married couples and civil partners in Thame can save tax by moving savings into the name of the partner in the lowest tax band. If one is in the basic tax band and another in a higher rate band, 20p tax for every £1 of interest earned on said savings could be paid instead of 40p in every £1. This is very simple and effective tax advice, and over the years the savings can really add up.
Are you self-employed or a private landlord? Make sure you are deducting the maximum amount of legitimate business expenses from your tax bill that you are legally entitled to. The more you are able to claim as expenses, the less you are taxed on.
If you’re in Thame and believe an accountant could help you identify, calculate and claim all available expenses, for example petrol, stationary or computer equipment, then give us a call today.