Income tax allowances and reliefs reduce the amount of tax a UK individual has to pay. The ones an individual is entitled to claim depends on their personal circumstances and employment status. These guides explain more about the main UK tax allowances and reliefs you need to be aware of and contain details about how you can claim them:
Friendly Disclaimer: Whilst I am an accountant, I’m not your accountant. The information in these guides are legally correct but are for guidance and information purposes only. Everyone’s situation is different and unique so you’ll need to use your own best judgement when applying the advice that I give to your situation. If you are unsure or have a question be sure to contact a qualified professional. I cannot accept responsibility for any losses or penalties you may incur while following the contents.
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The starting rate for savings lets many UK individuals earn up to £5,000 in savings interest without paying tax on it. Check if you’re eligible and how the £5,000 is tapered for those earning more than others.
The UK personal allowance is set at £12,570 for 2023-24. Here’s how it works, how to claim it and how it is clawed back from higher earners.
The Pension Allowance lets UK individuals contribute up to £40,000 each tax year into a private pension scheme. You will then get tax relief on these contributions. How to Claim It If you are employed, your employer will give you the tax benefit of your pension contributions every time they pay you. Otherwise, you’ll need … Read more
Find out about the personal allowance restriction which affects UK individuals who earn more than £100,000 during one tax year.
Wondering if you should claim the £1,000 property income allowance? In this guide, you’ll find out how the property income allowance works, how to claim it and work out whether it’s right for you. 1. What is the Property Income Allowance? The Property Income Allowance entitles individuals in the UK to earn £1,000 in rental … Read more
Understand the UK personal savings allowance, what income counts towards it and how to claim it if you’re employed or self-employed.
Find out how the blind person’s allowance works, how much is available, who is eligible to claim it along with how to claim it from HMRC.
Go from job seeker to business owner with the New Enterprise Allowance. You’ll get mentoring & a grant to get your business off the ground.
Find out how the marriage tax allowance works, how much you can claim & the forms you’ll need (including if you’re self-employed).
What is the UK Rent a Room Scheme? The government rent a room scheme let’s UK individuals earn £7,500 tax-free from letting a furnished room to a lodger in their own home. All UK residents are entitled to claim the allowance every tax year* but the amount is halved to £3,750 if you share your … Read more