That Taxing Time of Year – Part Two

IT’S THAT TAXING TIME OF YEAR AGAIN – Part Two

If you are a couple in a fostering household you may be able to use a partnership arrangement to reduce your tax bill. We have saved carers thousands of pounds of tax over the years by resubmitting their tax returns for earlier years using the correct figures. Two cases particularly spring to mind, when we saved one carer about £15,000 and another carer around £13,000. There are time limits for making claims for earlier years, currently we can go back as far as the 2017/18 return (4 tax years.)

Please call us on the free, Tax, National Insurance and Benefits Helpline and we will advise you whether it is worthwhile making claims for earlier years, you can still use our fixed rate tax return  service for foster carers if we resubmit earlier year returns for you .

Foster caring is just one reason why you need to prepare a tax return, other reasons are:

  • You are self employed
  • You are a partner in a business
  • You are a company director in receipt of income not taxed under PAYE (e.g. Dividends)
  • You are a minister of religion (any faith or denomination)
  • You have untaxed income (i.e. Interest or Dividends from savings) of over £10000
  • You own rental property or have a holiday let
  • You have an annual income of £100,000 or more before tax
  • You are non-resident and have taxable income in the UK
  • You or your partner receive child benefit and your adjusted net income is over £50,000 – this is because of the high income child benefit charge
  • Your untaxed income is over £2500
  • You have capital gains – if you have sold or given away assets worth over £42,900

Remember if a member of your family needs to do a tax return for any reason they can benefit from our discounted fixed rate fee tax return service too, give us a call today! 0121 794 2289

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