Accounting, Taxation

Low Expenses? Claim a Grand

For the year 2017/2018, ie, the period from April 6 2017 to April 5 2018, if your income is  £1000 or less from a trade or from letting property, there will be no tax to pay.

If your income from either of the above is over £1000 and actual expenses is below £1000 or unknown because you can’t be bothered to work it out, you can claim a maximum of £1000 in expenses, no questions asked, no documentations needed.

The above means that a self employed tax payer or a freelancer with rental income on the side can claim a total of £2000 per year, equalling a basic rate tax savings of £400.

If you’re struggling to make sense of the above, get in touch. Initial consultation (up to 10 minutes) is free.

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About Phoenix

Accountant and Home Educator

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