Tax saving tips.
Now we are in the middle of tax year 18/19, it is a good time to remind you of the major tax changes for this year affecting all our clients.
National Insurance (NI). The Government has announced they are doing a U turn and will NOT scrap self employed Class 2 NI as planned.
Buy to Let (BTL) tax changes. From 2017/18 tax year the way you can claim mortgage interest against your BTL income changes.
Dividends. Remember that dividends can only be paid from your company profits and no more frequently than monthly.
Self assessment penalties explained.
Remember that if you sell any assets such as shares or property these must be declared on your personal tax return.
If you use your private residence for business use, HMRC allows us to claim a nominal annual figure to reduce your tax bill even further.