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Tax preparation and planning in the UK might seem overwhelming at first, but it doesn’t have to be. By following these four simple steps, you can keep yourself organised and ahead of your tax responsibilities; to avoid late fees and stress!

These tips will help you get started on the right foot. Whether you’re a business owner, freelancer, or employee who’s preparing your tax returns this year.


You could get a refund

The construction industry scheme offers you the opportunity to benefit from a refund on your taxes. CIS requires you to pay 20% tax every month regardless of your income. But our accountants can evaluate your expenses and income information to determine how much tax you should recoup.

You’re not yet acquainted with the CIS scheme? Visit the UK Gov website to have an idea of the legitimacy of how it works, and then schedule a free 15-minute consultation with our UK experts to understand more, so we can help you.


You could reduce your tax bill

When you are self-employed, you will have a lot of business expenses to pay. This can reduce the amount of money you have in your pocket. Once your tax return has been filed, we can help you claim back these expenses to reduce your tax bill. So be sure you’re always making a note of all business expenses. It’s wise to create a separate business account that distinguishes it from your personal life.

Donations to registered charities, such as gift aid, can also help you lower your tax bill by reducing your basic rate allowance, which avoids high-end tax. Interested in learning more? Make an appointment with our team today.


You could get tax relief on certain expenses

Business expenses, business expenses, and even more business expenses. These expense types will become your best friend while you’re self-employed and you shouldn’t neglect the benefits of them! Regardless if you need to purchase a laptop or car, these business expenses can help reduce your taxes. As they are something you’re buying to benefit your business rather than your personal life.

So be sure to keep a count on these things, and make use of our accountant to handle this for you – let’s see how much we can claim for you.


You could claim back overpaid tax

In the UK, you make ‘payment on account’ which are advance payments towards the following years tax bill. But sometimes because of these advance payments you end up paying too much; so we need to calculate how much you can claim back.

If for example you’ve paid 10k as an advance payment but your tax bill is 8k, then you should receive £2000 back!


Get protected

As the UK government aims to collect more unpaid tax, HMRC may review your business tax to make sure it is in compliance with UK tax laws. Despite most people submitting taxes correctly, HMRC has the right to challenge decisions. If an investigation is conducted, we will assist you with tax investigation insurance.

As part of our annual insurance, you will have access to an online law hub, as well as an advisor who will protect you and your business from HMRC!


How RHJ Accountants Can Help

We recognise more than ever that individuals and businesses from the UK and other countries may be globally mobile. We aim to make you aware of the tax-efficient opportunities, available tax relief and structure finances for life at home and abroad.

Our international team of specialists operate from offices in the UK and Portugal. We work together synergistically to provide tax efficient solutions to our clients to help them grow their business whilst keeping tax liabilities to a minimum.

Get in touch with us today to find out more, or to make use of our services.

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💬 PSA: between April & June our Portuguese team have limited meeting availability due to the Tax Return Submission Period 🇵🇹