Self Assessment Tips

HIGH EARNERS AND TAX RETURNS

The deadline for filing your tax return for the year ending 5 April 2021 is 31 January 2022. See our home page for a countdown of the days left to submit and pay your tax return!

This means for us as accountants we are busy gathering information required to submit your tax returns on time to avoid penalties.

We deal with 100s of tax returns every year, with a wealth of experience you couldn’t be in better hands filing your tax return with our self assessment tax services in Manchester.

If you earn over £100,000 per year you are required to submit a tax return to HMRC. See our helpful tips to include to help keep your tax bill down for the tax year ending 5 April 2021!

Working from home – if you were required to work from home in the year you can claim as a deduction against your income £6 per week. Alternatively, you can claim a proportion of some of your household bills such as internet, gas and electricity.

Allowable expenses – there are other allowable expenses which you incur during your employment which can be deducted against your pay. For example, for every mile driven in your own car for work purposes you can claim back 45p

Pension contributions – if you’ve made pension contributions, you can include these in your return to reduce the amount of tax payable. Sometimes, if your employer hasn’t claimed the tax on your employee deductions through your payslip you can include these too!

Gift Aid – if you have made charitable donations through the year, you can include these in your return to reduce your tax.

You may feel that you can complete your tax return yourself, however, it’s possible that an expert in self assessment tax services in London can add value in ways that aren’t always obvious.

FOR MORE INFORMATION ON HOW WE CAN HELP YOU FILE YOUR TAX RETURN CONTACT US TODAY.