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Over the course of your lifetime, you’ll be entitled to a number of tax-free allowances. Unfortunately, not everyone completely understands what this means and how to make use of them.
Thankfully, an expert accounting team like Alexanders is here to explain this all to you. With our help, you’ll keep more of what you earn which you can then spend on enjoying your time with your family and friends.
Your personal tax bill can be reduced throughout the year, whether that’s by gifting assets or wealth, making charitable donations, or even making use of your capital gains tax allowances.
If you sell a higher-value asset or a second home, you’ll be required to pay capital gains tax, but as with your income tax, you’ll have an allowance each year untouched by HMRC. This is where clever planning comes into play.
Other tax reliefs include your marriage allowance or pension tax credits. Without proper knowledge of these, you could end up throwing money straight into the pocket of the Revenue.
Also, if you’re self-employed, you can look into paying yourself with a mix of salary and dividends, lowering your tax liabilities without short-changing yourself. If you want to know more about how Alexanders can help you become tax-efficient, get in touch.
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