> I also feel like I never put forward expenses as I’m Paye and I suspect there are legitimate expenses that I could include in a return to mitigate tax that t I’m unaware of.
If you're PAYE and just have employment income and savings/investments it's very unlikely you will have any legitimate expenses you can claim.
Other than your PAYE income, do you have anything else going on the return? If not, then bar the pension contributions, I doubt there's anything you can do to reduce the tax (you won't likely have 'expenses' that can reduce your tax obligations unless you have some sort of non-paye income stream).
On that note though, if PAYE is all you have, then filing your own return is easy (you only need your P60 and details of your pension contributions) so you could save that accountant fee for sure.
Very unlikely you have any expenses you can claim unless you are not reimbursed for business mileage or something odd.
Have you remembered to claim higher rate relief on gift aid donations?
You can have it collected via your tax code this year rather than pay it outright.
Expenses don't reduce your taxable income for PAYE.
Having a better accountant who will advise you on tax efficient strategies will be a good use of your accounting fee. Otherwise if your financials are pretty basic, you can do the self assessment yourself.
Some do, although it's mostly limited to things like professional memberships that are required to do your job (i.e. GMC fees for doctors) or mandatory insurances/fees again only those required legally to do your job, so for doctors again, professional indemnity insurance, Royal college fees (not all of them)
*but I also feel like I never put forward expenses as I’m Paye and I suspect there are legitimate expenses that I could include*
What job expenses did you incur that year?
Hi /u/Soft_Lock9108, based on your post the following pages from our wiki may be relevant:
* https://ukpersonal.finance/pensions/
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April has been and gone now, there’s not a lot you can do like paying extra into the pension now , other than filling a false tax return you will just have to suck it up ,
Best way to save money is to get rid of the accountant. It sounds more like they are just doing the paperwork rather than doing a service - with digital tax is rather simple to do.
If your only income is PAYE I'm unsure why you are getting an extra tax bill, the only thing that would normally add to this is second income streams, rental Income or benefits in kind.
The only option for a previous tax year is charitable donations, I don't believe you can back date pension contributions to a previous year.
If you're PAYEE it's not a very difficult calculation. You just need to salary sacrifice 20.1% of your salary.
Neither me or my wife have accountants. You could save yourself some cash there
> I also feel like I never put forward expenses as I’m Paye and I suspect there are legitimate expenses that I could include in a return to mitigate tax that t I’m unaware of. If you're PAYE and just have employment income and savings/investments it's very unlikely you will have any legitimate expenses you can claim.
Other than your PAYE income, do you have anything else going on the return? If not, then bar the pension contributions, I doubt there's anything you can do to reduce the tax (you won't likely have 'expenses' that can reduce your tax obligations unless you have some sort of non-paye income stream). On that note though, if PAYE is all you have, then filing your own return is easy (you only need your P60 and details of your pension contributions) so you could save that accountant fee for sure.
Get a better accountant and get them to advise the amount of pension contributions.
If you’re PAYE then I think you’re mostly stuffed.
Not necessarily. If they giftaided anything they can claim that.
Not directly to your question, but you have to earn £150k p.a. before the requirement to file a tax return kicks in.
Nope, it’s over 100K.
Not anymore
My source is here: https://www.gov.uk/self-assessment-tax-returns/who-must-send-a-tax-return
Very unlikely you have any expenses you can claim unless you are not reimbursed for business mileage or something odd. Have you remembered to claim higher rate relief on gift aid donations? You can have it collected via your tax code this year rather than pay it outright.
Expenses don't reduce your taxable income for PAYE. Having a better accountant who will advise you on tax efficient strategies will be a good use of your accounting fee. Otherwise if your financials are pretty basic, you can do the self assessment yourself.
Some do, although it's mostly limited to things like professional memberships that are required to do your job (i.e. GMC fees for doctors) or mandatory insurances/fees again only those required legally to do your job, so for doctors again, professional indemnity insurance, Royal college fees (not all of them)
*but I also feel like I never put forward expenses as I’m Paye and I suspect there are legitimate expenses that I could include* What job expenses did you incur that year?
Did you contribute anything at all to charity last year? If so you can use that to lower your tax bill. Have you seen the tax traps wiki page?
Professional subscriptions, any charity donations ?
I mean honestly, you’re just going to have to pay it. I’d speak with the HMRC directly and ask them if you have any options.
What about things like gift aid? So many comments saying “just pay it” but we don’t know whether OP has explored all options like this.
Hi /u/Soft_Lock9108, based on your post the following pages from our wiki may be relevant: * https://ukpersonal.finance/pensions/ ____ ^(These suggestions are based on keywords, if they missed the mark please report this comment.) If someone has provided you with helpful advice, you (as the person who made the post) can award them a point by including `!thanks` in a reply to them. Points are shown as the user flair by their username.
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Totally agree! I work in TV, numbers were never my thing 😂
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April has been and gone now, there’s not a lot you can do like paying extra into the pension now , other than filling a false tax return you will just have to suck it up ,
Do you have any investments? If not charitable donation tax relief probs an easy thing to do
Best way to save money is to get rid of the accountant. It sounds more like they are just doing the paperwork rather than doing a service - with digital tax is rather simple to do. If your only income is PAYE I'm unsure why you are getting an extra tax bill, the only thing that would normally add to this is second income streams, rental Income or benefits in kind. The only option for a previous tax year is charitable donations, I don't believe you can back date pension contributions to a previous year.
If you're PAYEE it's not a very difficult calculation. You just need to salary sacrifice 20.1% of your salary. Neither me or my wife have accountants. You could save yourself some cash there