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| *Ostroff, Fair and Company>>>United Kingdom Taxes |
How do I reduce the amount of tax I am paying and how often do tax rebates occur ? |
Sorry folks I am totally ignorant to the taxation system here in the UK. What can you claim back from your taxes ? Unfortunately, the question is rather vague as you don't give us any information about yourself. For example: You may be entitled to an age allowance and a married couples allowance, if you are old enough. Do you pay retirement annuity premiums? Are you employed? If so, what work do you do? Do you supply your own equipment or use your own car on company business? Are you self-employed? If so, do you work from home, as has been mentioned previously, or do you work at various sites. Self-employed people have a far greater scope for tax deductions than those who are employed. Are you a higher rate taxpayer? Yes, the list is almost endless because there are numerous ways to reduce tax legally. Either go and see an accountant or walk into your local HM Revenue Customs (Inland Revenue) office, ask for advice .... and then go and see an accountant. LOL If one has overpaid tax, then it is usually paid back after the end of a tax year upon completion of a Self Assessment tax Return or R40 (a much smaller version). Also, if one has been taxed on an incorrect high PAYE code, then when that code is amended, the employer will usually make the refund in the following pay period. Source(s): Qualified accountant with own practice for over 30 years. Earn less money, that's how you pay less tax. Tax rebates only occur if you have paid too much tax as calculated by the Inland Revenue. You cant. You pay your tax and that is it. There is no way to reduce it. You will only get some tax back if you have been on an emergency tax code. Apart from that that its just life! Ask your employer for a pay decrease, i'm sure he will fulfill your wishes.... if you are employed... you can claim for workwear, safety shoes, anything safety related really that your employer does not provide, you can claim tax relief on further education courses you pay for yourself. self employed.... you can claim for room as office at home so give your gas/electric bills to your accountant and they can get you a percentage rebate. Any receipt should also be kept.... to be honest the list is endless and a lot of it will relate personally to you and your circumstances... talking to a bookkeeper will help, usually plenty advertising in the local paper. Or have a look around the Inland Revenue website.http://www.hmrc.gov.uk/home.htm... |
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