FinSol Tax Advisors are a pioneering group of tax Accountants in Stanmore. We are an expert firm who offering accountancy services to both business and individuals in Stanmore.
Income Tax: It is a tax you pay on your income. You don’t have to pay tax on all types of income.
‘Tax relief’ means that you either:
• pay less tax to take account of money you’ve spent on specific things, like business expenses if you’re self-employed
• get tax back or get it repaid in another way, like into a personal pension
You get some types of tax relief automatically – but some you must apply for.
When you can get tax relief
Tax relief applies to pension contributions, charity donations, maintenance payments and time spent working on a ship outside the UK.
It also applies to work or business expenses – you may be able to:
• get tax relief on what you spend running your business if you’re self-employed (a sole trader or partner in a partnership)
• claim tax relief if you’re employed and you use your own money for travel and things that you must buy for your job
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