Accounting Services

Well, another frantic January is over and all my clients’ 2012/13 tax returns were filed by the 31/1/14 deadline.

It was interesting to learn from the six new clients received in January, that they were not confident in either filing their tax returns themselves, or in the ability of their previous accountant, hence them seeking our services. HM Revenue & Customs website to file tax returns can be rather daunting. It also doesn’t help the tax payer in advising what expenses can and cannot be claimed. It is therefore strongly advisable to seek the services of a tax accountant.

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Yet again, I have discovered from a new client, that he was totally unaware of his ability to claim higher rate tax relief on his pension payments.

HM Revenue & Customs have never really advertised this tax relief to employees. Basically it works thus:-

Your employee or personal pension payments go into a pension fund. The fund then claims 20% tax relief and adds this amount to your personal pension plan (PPP). For example, you pay £100 per month, the fund claims £25, (100 ÷ 0.8 x 0.2) and a total of £125 has been paid into your PPP.

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