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Horley Accountants - Gatwick Accountant

Tired of searching for accountants to manage your daily records at Horley? Then your search is over because we ( Gatwick Accountant ) have the best Horley accountants. We have years of professional experience in accountancy.

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Horley Accountants - Gatwick Accountant

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  1. Gatwick Accountant 6 Ways To Save On Your Tax Return

  2. 1. Correct Tax Code The tax code reflects the amount of tax payable to the HMRC from your salary. This can be found on your salary slip. It’s important to have a check on the tax code every year, whether you remain with the same employer or change the job and ensure it's correct. Correct entry of the tax code ensures you don’t pay an extra charge on the allowance which is tax-free.

  3. 2. Marriage Allowance A tax benefit known as the marriage allowance helps couples where one partner makes less money than the personal allowance. You can transfer any unused personal allowance from the lower-earning partner to the higher earner if you're married or in a civil partnership. You may save up to £250 by transferring up to £1,260 in 2022–2023. The higher earner must be a basic-rate taxpayer in order to qualify.

  4. 3. Tax credits If you are looking after kids, disabled workers, or other workers with low incomes, you are entitled to tax credits. You can claim two types of tax credits: Working Tax Credits and Child Tax Credits. From 2024 everyone on tax credits will be moved to Universal Credits. If you already have received Universal Credits, you cannot claim the Working Tax Credits or Child Tax Credits.

  5. 4. Move to a low-emission vehicle Consider a low-emissions model when replacing your company car. These are now taxed at a lower percentage of their list price than high-CO2 vehicles. The company car tax rate will be frozen at 2022-23 levels until the end of 2024-25. HMRC has yet to release rates for April 2025 and later.

  6. 5. Pension Schemes You can contribute to your employer’s pension scheme. If possible, you can also add an extra amount voluntarily to the pension scheme, before any tax is charged on your gross pay. This will help you in getting tax relief on your pension amount. In addition, you will also receive a free bonus for saving for your retirement.

  7. 6. Dividend Allowance Dividend income is allowed up to a particular amount every year before taxes are due. You can still get up to £2,000 in dividend income each year without paying taxes, although this was lowered on April 6, 2018.

  8. Contact Us C/O CoreAdviz Accountants, Regus Building, 3 Churchill Ct, Manor Royal, Crawley RH10 9LU 03301331114 https://www.gatwickaccountant.com/

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