There are various reasons why you may have paid more tax than you needed to for a tax year. For example, if you only worked at the start of the year, you may not have received all of your personal allowance.
The taxation of savings income can be complicated as there are various allowances and rates that come into play. However, most people are able to enjoy savings income tax-free.
The option to pay employees flat rate subsistence expenses tax-free can be an attractive one; the employees are clear on what expenses will be paid, and the employer is saved the work involved in reimbursing the actual amounts incurred.
Private residence relief (also known as main residence relief) takes the gain arising on the disposal of a person’s main or only residence out of the charge to capital gains tax. This relief means that in the majority of cases, any gain arising when a person sells their home is tax-free.
For owners of small businesses, taking out a company car can prove false economy - often creating more personal tax liability than it saves on the company’s corporation tax bill.
With the school summer holidays rapidly approaching, HM Revenue & Customs “(HMRC”) have issued a timely reminder to parents that they are can use the tax-free childcare scheme to pay for holiday clubs.