Income Tax Allowances & Reliefs

Allowances and reliefs that (legally) reduce the amount of tax you have to pay. The ones you can claim depend on your personal circumstances and business spending.

Claim Everything You're Entitled to and Reduce Your Tax Bill.

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Self Employed: Annual Investment Allowance

Annual Investment Allowance

When you are self employed you are responsible for buying all the tools and equipment you need to run your business.  If you have or are about to invest in expensive equipment, then understanding how you claim for tax relief can help you make clever decisions on how and when you make your claim for

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Mileage allowance 60p

Are you missing out on the tax free mileage allowance of 60p?

If you or your staff use their personal cars for business travel they are entitled to claim back a tax free amount to cover the cost of using their own vehicle for business purposes. For 2018 the tax free mileage allowance for cars and vans is 45p for the first 10,000 miles and 25p thereafter. 

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blind persons allowance

Blind Person’s Allowance 2019/2020

The Blind Person’s Allowance is an additional amount of personal allowance given to those who qualify to claim it. The additional allowance means anyone who is eligible to earn more before paying tax. Blind Person’s Allowance 2019/2020 The allowance changes every tax year. The current allowance is: The current personal allowance rates are: That means

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Capital Allowances

HMRC Capital Allowances 2019/2020 for the Self-Employed

Capital allowances are rates set by HMRC that self-employed business owners must use to claim tax relief on fixed assets.  So if you have purchased an asset for your business, then this is how you can claim tax relief on your self-assessment tax return form. What is a Fixed Asset A fixed asset is something you

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Christmas Party Tax Allowance

HMRC Christmas Party Allowance 2018

If you are throwing Company Christmas Party then its worth making yourself aware of the HMRC Christmas Party Allowance.  It may well affect what you plan! You’ll be pleased to know that the Taxman is not immune to the spirit of Christmas and you might be able to record it as a company expense. However,

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The small business finance blog for the UK self-employed community, sole traders and limited companies. Simple, straightforward guides to make topics like registering a business, taxes, accounting and banking easy to understand.

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