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There is more to learn about tax

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Ours is a company with extensive knowledge of the accounting industry. We have built this up during our three decades of work. Thanks to our understanding, we have become the number one business for tax returns Soho has. The solutions we offer are cost effective and of the highest possible value.

After handling tax affairs for a few years, you probably think that you know everything. However, the great thing about life is that we are constantly learning new details each day. When you learn about the facts we are about to share, you can use them for the rest of your life.

Self employed

Tax returns SohoFor one thing, you are able to save tax if you are self employed. You might operate a company that supplies you with an income. If so, you must check whether it qualifies as a trade to the tax man. Profits are the only thing that counts towards an individual’s personal allowance. You calculate profits on business income. This is minus valid business costs.

What you must remember here is that money you put into the company is still yours. Therefore, if it means you are losing out on pay, you should not over-invest. Another point to remember is that your personal allowance is the same as everyone else’s, this being £12,500.

Tax-free money

Using your savings interest, you can also make money that is tax-free. You could be earning more than you are spending. If so, put that extra cash to good use. Do this by opening a savings account. Without any effort, you could potentially earn hundreds of pounds worth of interest every year.

Those inside the basic tax rate band receive a personal savings allowance of £1,000 that is tax-free. For higher rate earners, it is £500. As for anyone in the additional rate bracket, it is £0.

Help with tax returns in Soho

At Brian G Lonis & Co, we work with clients to remove the stress from their taxes. As the foremost business for tax returns Soho has, we handle them on a daily basis. We will give you all the practical advice you require. So, contact us today if you need assistance.