Posts Categorized: Friday Tax Tip’s

Pay Less Tax On Savings And Investments

6 Things You Need To Know Transfer Assets – If your wife or husband is paying a lower rate of tax than you do, you can transfer your savings and investments to them in order to pay less income tax. Dividend Allowance – The first £5,000 you receive in dividends is tax-free. Basic-rate taxpayers will pay 7.5%… Read more »

Tax Free Profits On Property

7 Things You Need To Know   Rent-A-Room – Rent-a-Room Relief that lets you receive £7,500 in rent, each year tax-free. It applies if you rent out furnished accommodation in your own home. This includes landlords, bed & breakfasts, and guest houses. The income limit covers everything that you charge your tenants as part of the rental service including… Read more »

Find Your Long Lost … Pension

The Pension Tracing Service is a useful resource service for savers concerned about forgotten pensions. A million people have now used the free government service in order to track down their lost pension savings. The service has links to more than 320,000 pension-scheme administrators which you can use to search for your forgotten pension. You can search… Read more »

Save On Your Care Costs

The average cost of staying in a care home is around £30,000 a year and many won’t be able to rely on the state to pick up the bill. Alongside with this, is the increase in ageing population and longer life expectancy. This means that you might end up facing some hefty bills in your… Read more »

Tax-Free Rental Income

The government’s Rent-a-Room scheme allows you to earn up to £7,500 per year tax free by letting out furnished accommodation in your home. You don’t have to do anything as you will be automatically exempted from tax on your rental income.   You can also opt in to the scheme at any time if: you… Read more »

Tax-Free Life Insurance

Life Insurance offered by employers is considered an employee incentive as it provides peace of mind that their families will have some financial assistance if they were to die. However, one problem with Life Insurance is that it gives rise to a taxable benefit-in-kind.     The tax-efficient alternative for this problem would be to look at… Read more »

Tax-Free Holidays For Your Family

Your employer can pay for two trips per tax year for your spouse and children when you have to work abroad for a continuous period of at least 60 days without any charge to tax on the costs arising on you. If necessary, you should delay or bring forward a trip to be able to… Read more »

Substantially Reduce Stamp Duty

Multiple Dwellings Relief is a relief you can claim when you buy multiple dwellings. Dwellings are buildings or part of a building that is suitable for use as a single dwelling or is in the process of being constructed for such use.   This relief is not just for purchases for property portfolio but it is also… Read more »

‘I Do’ To Wedding Tax Relief

As more and more couples are deciding to live together before getting married, they now tend to request gifts of cash rather than the traditional gifts such as kettles and china tea cups. This is why guests should take advantage of the tax relief available on their gifts to the bride and groom. All or part… Read more »

Delay Tax On Bonus Payments

Paying a director’s salary or bonus is a Corporation Tax deductible cost for a company. The taxman could dispute a deduction if the remuneration is excessive compared to the company’s income. However, the timing of a tax deduction is a different matter.   Nine-month rule: According to the Corporation Tax rules, a deduction can be… Read more »