Tax relief means that you either pay less tax or get tax back or get it paid in another way, like into a personal pension. You get some type of tax reliefs automatically but for some you must claim it with HMRC.
There are various tax reliefs which can reduce your income or capital gains tax liability. Therefore it is important that you get the right advice to ensure that you claim all those reliefs for which you are entitled.
Following is a list of the most common tax reliefs available to individuals:
- Tax relief on pension contributions
- Tax relief on donations to charity
- Maintenance reliefs
- Interest payments on qualifying loans
- EIS Income tax relief
- SEIS Income tax reliefs
- Social Investment tax reliefs
- VCTs Income tax reliefs
- Business Investment relief
- Entrepreneurs’ Relief
- Double tax relief
- Rent-a-room relief
At Martax, we can help you with the following:
- Analysis of your circumstances to establish if there are any tax reliefs available
- Calculation of the amount of tax relief available
- Preparation of your self-assessment including a claim for tax relief if applicable
- Advice on your final tax liability due or a refund
- Advice on how the tax liability can be reduced in future considering the above tax reliefs
If you need any help or advice in relation to the tax reliefs, please get in touch.