Tips when completing your Tax Return

Professional Subscriptions Tax Relief

Solicitors, Accountants, Architects, Medical Professionals, Vets and many other professionals regularly pay subscriptions to affiliated bodies.

Are you aware that both self-employed and employed individuals are entitled to a tax deduction for this expenditure?

• As a self-employed individual you can claim your tax deduction through your annual Self-Assessment Return.
• Employed Individuals can claim their tax deduction for past years by completing HMRC’s “Tax Relief for Expenses of Employment” form. HMRC will normally adjust your tax code going forward so that it is not necessary to complete this form every year. The maximum amount of expenses that can be reclaimed using this form is £2,500 per annum. If you incur expenses of more than £2,500, you will have to complete a Self-Assessment Return.

If you have any queries on whether you pay qualifying subscriptions or the process on how to claim tax relief, contact a member of our team on 028 8772 4697.

Mileage Allowance Relief

Do you use your own car for business purposes? If your Employer does not reimburse this cost, you are entitled to claim this as a deductible expense against your Employment income at a rate of 45p per mile. If your employer has only reimbursed you partially, you may also be entitled to claim the balance as a deductible expense against your employment income.

Contact a member of our team to find out how if you are eligible for tax relief and how to proceed with making a claim.

Working from Home

Are you a 40% tax payer working from home more than 25 hours per month?

HMRC allow the following flat rates for individuals who use their home for work purposes:

25-50 hours per month- claim a deductible expense of £10 per month;

51-100 hours per month- claim a deductible expense of £18 per month;

101 plus hours per month- claim a deductible expense of £26 per month.

Contact our team to discuss whether you qualify for the above relief.