Clariman wrote:I'm doing my self assessment tax return and always have a niggle that I miss opportunities to legitimately reduce tax by missing allowances or including all relevant costs etc. Any tips from anyone here? Our income sources are as follows;
Me
- Employer's private pension - nothing much to do here as tax paid at source?
- Holiday let property - I simply list total income and all expenses that are related to arrive at a net profit. Is there anything more I can do here?
- Income from a couple of small self-employed trading businesses with combined income of around £2,500 to £3,000. What can I offset here?
Mrs C
- Employer's private pension
- Three very part time jobs which are PAYE; claim professional body membership for one of them.
Even though I run a home-office I don't claim any deductions for use of space and utility costs. Can I?
Thanks
Clarimetn
Re the holiday let, whilst not a relief, do take care
each year that it meets the rules to qualify as presumably a furnished holiday let (Availability and nights, averaging, grace periods etc) as this may well have a bearing on future CGT if you sell and it is of course declared on a different page on the ITR with a slightly different computation approach.
https://www.gov.uk/government/publicati ... tings-2021
Remember Capital Allowances may be on point.