Here are our top 5 ways in which our tax accountants in Norwich can help you reduce your personal tax bill in the UK.

1. Identify tax reliefs and deductions

There are a number of tax reliefs and deductions available to UK taxpayers but it can sometimes be difficult to know which ones you may be eligible for. A personal tax accountant will help you identify which tax reliefs and deductions may be applicable to you, and then make sure you claim them correctly.

2. Prepare your personal tax returns accurately

Because the UK’s tax system is so complex, just the smallest mistake on your tax return can leave you facing added interest fees or even incur penalties. Our tax accountants in Norwich will help you prepare your personal tax returns correctly, as well as make sure they are submitted on time. This gives you complete reassurance and peace of mind that you are meeting your tax obligations. 

3. Advise on tax planning

Tax planning is the process of taking the right steps to reduce your tax liability. But if you’re not sure how to do this, a tax accountant will help you develop a tax plan that is tailored to your own individual situation. They will also be able to help you make better informed decisions about your financial circumstances.

4. Represent you at an HMRC enquiry

Being contacted by HMRC about a tax enquiry can be very daunting and scary. In these situations, it’s important you seek financial advice and support. This is where a personal tax accountant can help by representing you at the HMRC enquiry and, therefore, resolving the problem as quickly and efficiently as possible.

5. Provide tax advice

An accountant has the necessary knowledge and experience to give you general tax advice on a wide range of topics, including pensions, investments and inheritance tax. This can help you reduce your tax liability and that you are able to make informed decisions about financial matters personal to you.

As well as these top 5 ways an accountant can help you with your tax, here are some extra tips for reducing your personal tax bill:

• Make sure you are claiming all the tax-free allowances and reliefs you are entitled to.
• Keep detailed records of your income and expenses.
• Think about using a tax-efficient savings or investment product.
• Make sure you are aware of the latest changes to the UK’s tax system.

Follow our tips and you will be able to reduce your personal tax account. By identifying the right reliefs and deductions applicable to you, you can make sure your tax returns are accurately completed and on time and an accountant can help you keep more of your hard-earned money.

Are you looking to reduce your personal tax bill but not sure where to start? Norwich Accountancy’s tax advisors and accountants are on hand to help you with all your personal tax obligations. Let us take care of it for you so that you can spend more time with family and friends and less time tackling taxes.

5 SIMPLE STEPS FOR PROVIDING EXTRA FINANCIAL SECURITY

We all strive for financial security. Just knowing you have enough money to cover your expenses, an emergency fund for those unexpected events and maybe a piggy bank, too, gives you peace of mind. 

Here are Norwich Accountancy’s eight simple steps to improving your financial security and preparing for a rainy day.

1. Create a budget

Tracking your incomings and outgoings, and setting a budget for each week or month, is a good place to start. Once you know what comes in and goes out, you can work out where your money is being spent each month. From here, you can start to make some big changes or even tiny tweaks to help you save money for the future, or for a rainy day. 

2. Pay off debt

If you have any debt, prioritise paying it off as quickly as possible. If you’re not sure where to start, there are a number of different debt repayment strategies available. Chat with a financial adviser to understand your options and get help finding the right approach for you and your circumstances.

3. Save for emergencies

Unexpected events happen, but if you have an emergency fund then dealing with them is easier and less stressful. Aim to have enough in your fund to cover your expenses for at least three, if not six, months plus a little extra. An emergency fund means you won’t have to borrow money should an unexpected event happen, saving you the interest on repayments.

4. Invest for the future

Grow your money by investing it for the future to help you reach your financial goals, like buying a house or early retirement. There are plenty of investment options depending on how much you have to invest, the level of risk you want to take and what you want to achieve. It’s a good idea to get sound financial advice before you invest any money.

5. Get professional help

If you’re struggling to improve your financial position, an experienced financial adviser can help you create a budget plan to pay off your debt, save for emergencies and invest for the future. They’ll also be able to help you understand your options and guide you in making the best decisions for your financial situation. 

There are plenty of perks that come with being self-employed, but being your own boss does mean you’re responsible for your pension arrangements. Although a daunting prospect, it’s important you start saving for your retirement as soon as possible and we’re here to help make it super simple.  

There are a variety of pension options available for the self-employed. The most popular options are:

• A private/personal pension is a simple, flexible option. You decide how much you want to contribute to your pension and how it is invested.
• A Self-Invested Personal Pension (SIPP) is more flexible than a personal pension in that you have more control over how your money is invested, and you can access the pension more easily. But SIPP pensions can be complex to set up and manage.
• National Employment Savings Trust (Nest) is a government workplace pension scheme. Whilst it’s a government-backed workplace pension scheme, it’s not the same as the state pension and the pot is made up of contributions made by workers and employers and not from taxpayers.
• Lifetime ISA (LISA) aren’t actually pensions but they do look and act pretty similar as they’re designed to help you save for things like your retirement. With a LISA, for every £4 you pay in, the government adds £1. So if you pay in the maximum of £4,000 a year, you’ll get £1,000 from the government at the end of the tax year. It won’t help you save nearly as much as a pension, but the money is already yours so you won’t pay tax when you draw it out. 

Here are Norwich Accountancy’s five steps to starting a pension when you’re self-employed in the UK.

1. Choose a pension provider

As you can see, there are a wide variety of pension providers offering options for self-employed people. Compare what providers are offering, such as investment options, contribution levels, customer service and fees charged, before deciding where you’ll put away to fund you later in life.

2. Open a pension account

Once you’ve picked your pension provider, start the process of opening a pension account with them. Generally, it’s a simple process, which can be done online, but ask for help from a pension professional if you’re not sure about anything.

3. Make a contribution to your pension account

Start to make contributions to your pension account on a regular basis, i.e. weekly or monthly when you get paid at the end of the month. Or, you can make a lump sum payment – how much you contribute is up to you.