12 Days of Tax Tips – Day 7

Parking charges, etcParking sign

Take the time to go through your expenses, both personal (eg. pension contributions, charitable donations, etc.) and business.

Claiming for your allowable expenses is the surest way to reduce your tax bill. A £2 parking charge a day amounts to £500 (assuming 2 weeks off from your business ha ha) of potentially allowable deductions. If you don’t claim this, you are handing over to the taxman approx. of £145 in tax and class 4 NI that you don’t need to. That car parking fee has now cost you £2.58 per day.

These little things count !

Always talk to your accountant before acting on any advice. If you’d like to talk to us about your accounting requirements, please complete the contact form >>>> HERE <<<< and we’ll get in touch.

 

 

 

 

 

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