When a new client asks us to complete their self-assessment tax return, they are often surprised at the items they have not included in their tax return in the past – and therefore the tax relief they have missed out on for many years. Here are just a few examples:
- If you are self-employed, ensuring that all allowable business expenses are included, such as bank charges and travel expenses including parking, tolls and fuel. Do you claim a portion of your utility bills, if you work from home? Even if your profession means that you do not generally work from home, such as an electrician, do you claim for working from home when you do your admin?
- Ensuring your pension contributions are included, which can attract higher-rate tax relief that needs to be actively claimed on the return.
- If you are a higher or additional rate taxpayer, including charitable donations made via Gift Aid, to claim the additional tax relief you are personally entitled to.
- Work-related expenses if they are not reimbursed by your employer, such as professional subscriptions.
Are you confident that you include on your self-assessment tax return everything to which you are entitled? If not, contact our Personal Tax Manager, Helen Newbould, to find out how we can help you – contact us here.
