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.

About Phoenix

Accountant | Tax Specialist | Quickbooks ProAdvisor Online

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Phoenix Debola is licensed and regulated by AAT to provide services in accordance with licence number 1000701 details of which are displayed at the address shown. AAT is recognised by HM Treasury to supervise compliance with the Money Laundering Regulations and Phoenix Debola Cloud Accountancy Practice is supervised by AAT in this respect.

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