Good morning everyone, Mitch Young from Lerman Jacobs Davis the young dynamic accountants who are committed to saving our clients hassle and money.
Some of you may be aware that the tax deadline for filing a tax return was extended till yesterday evening because of strikes from staff at HMRC. So why was I out for dinner last night looking so relaxed? Because at LJD we completed all our clients tax returns on time and submitted them with HMRC by the original deadline.
Having worked on over 900 tax returns this year I thought I would share a couple of tips to bear in mind for next year’s returns
1. If you are a higher rate tax payer remember to keep a note every time you make a charitable donation. Too may clients just estimate these or do not have any evidence to back up the postings. What’s more is that the tax relief from making a charitable donation in the current year can be claimed back against the previous tax year so it is a good tax planning exercise.
2. If you have any PAYE income make sure you have your tax code checked by a professional too often clients that have this income end up with a tax liability because they are on the wrong tax code. A prime example is where an employer puts you on a 747L code giving you an entitlement to a personal allowance where actually your income level well exceeds £100,000 so this should be tapered away.
This week I would love to speak with anyone you know who works in finance with a large organisation and would like to make sure they are not paying too much tax. Please pass them my details. mitch@ljd.uk.com
I am looking forward to my first weekend off in a month so please look back next week where I will be producing some more tax tips for you to enjoy.
Thanks for taking the time to read my blog
Mitch the Tax Man
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