How to Claim Tax Relief on Self Assessment

When you’re completing your self assessment tax return form, it’s important to understand the benefits of tax relief. Tax relief can help UK taxpayers as it helps allows you to reduce the amount of tax you pay or claim back tax you’ve already paid to HMRC. You’re most likely wondering so how do you claim tax relief on your self assessment. What is Tax Relief in the UK? ‘Tax relief’* means you reduce the amount of tax you pay to the government. You can get tax relief in a few ways, including tax on your income, tax rebates on business expenses, pension relief or working from home tax relief. Some tax relief is automatic, while others you’ll need to apply for. In general it means you either:

• pay less tax to take account of money you’ve spent on eligible expenses get tax back or receive a tax refund

  How Does Tax Relief Work in the UK? When you make certain payments, such as gifting money, paying a loan, or paying into a pension, it’s important to keep records of these which can then be stated in your self assessment tax return. Within the form there’s also a series of supplementary pages, this is particularly important if you’re self-employed or receive income from another source – you’ll use this section to help claim tax back from HMRC. Once you complete a self-assessment tax return, HMRC can then determine the level of tax relief you are eligible to receive. How to Claim Tax Relief on Your Self Assessment Form If you file a self-assessment tax return with HMRC, you can make tax relief claims for expenses during this process. You can also check your eligibility and claim tax relief through the UK government website. You get some types of tax relief automatically – but some you must apply for, this will be stated on the form as you complete it. As an example, for claiming tax relief on charitable donations, complete the charitable giving section on your self-assessment form. What activities can I claim tax relief for in the UK? How you claim expenses on a tax return is reliant on your circumstances. You can complete your tax return either online or by paper. A Self Assessment tax return has specific pages to enter work related expenses. Membership or Subscriptions to Professional Bodies Permitted expenses include a subscription to any trade professionals or academic journals. Likewise, a subscription or annual membership of a professional organisation or a union will also apply as a permitted expense. Tools and equipment Some equipment you need for work, such as a computer, office supplies and stationery is eligible for tax relief. This also extends to uniforms, and repairing tools you need for your job. Work-related mileage when using your own vehicle If you drive a car, van or motorcycle work, you can claim upto 45p off your tax bill for every mile travelled up to 10,000 miles. Work travel and accommodation You can claim tax relief on travel and overnight expenses for your work. This includes transport costs, accommodation, food and drink. Working from home If it’s a contractual requirement for you to live far away from your office or your employer does not have an office you can apply for tax relief on extra expenses you may need to pay, such as phone, electricity and internet. Pension Contributions Your pension provider can claim 20% of your tax back which can then be thrown into your pension pot. Donating to a Charity Payments to charity are tax-free in the UK whether Donating through Gift Aid or automatically on Payroll. In general you can get tax relief on what you spend running your business if you’re self-employed whether as a sole trader or partner in a partnership, or claim tax relief if you’re employed and you use your own money for travel and things that you must buy for your job. Alongside this your Can I Hire A Self Assessment Accountant? Yes, you can hire a self assessment accountant to help complete and submit your tax return. Receiving guidance and aid from professional personal tax advisors can help ensure you are claiming the most out tax relief you are able to. At MJ Kane, we have a team of specialist self assessment accountants who can ensure your self assessment is completed accurately and on time while being fully compliant to UK tax legislations. Some of the key deliverables include:

• Get professional help from a self assessment accountant.
• Help to claim eligible expenses and tax reliefs
• Full calculation of your tax bill for you to review and approve
• Your tax return filed to HMRC
• Professional record keeping
• Current or previous tax year filing

  Why MJ Kane As Your Self Assessment Accountants?

• Over 8000 satisfied clients
• In over 30 countries
• 60+ industrial experience
• Your Own Dedicated Accountant
• Competitive Quotes
• Small Business Experts
• No-Hassle Solution
• Error-Free Accounting
• In house experts for all accounting needs

You can get started with our Self Assessment Accountant Services by arranging a call back with our team on the form below. Alternatively, for urgent queries please call us at: Tel: 028 9335 0290

Self Assessment FAQs

What Do I Pay Taxes On?

• Money you earn from employment
• Profits you make if you’re self-employed – including from services you sell through websites or apps
• Some state benefits
• Most pensions, including state pensions, company and personal pensions and retirement annuities
• Rental income (unless you’re a live-in landlord and get less than the rent a room limit)
• Benefits you get from your job
• Income from a trust

What types of businesses do MJ Kane Accountants serve?

MJ Kane specialises in serving serves small and medium-sized businesses of all kinds (sole-trade, limited, partnership, contractor, charity etc..), but we are best known for our expertise in these industries:

• Professional services – Real estate agents, insurance agents, financial advisors and more
• Personal service contractors – HVAC technicians, plumbers, electricians, painters, mechanics and more
• Retail – Clothing store, e-commerce sellers, convenience stores, coffee shops and more
• Health and wellness – Gyms, salons, spas, dentists and more
• Restaurants – Quick-service restaurants, fine dining restaurants, coffee shops, caterers, specialty food providers and more

I am a Sole Trader, do I need to complete a Self Assessment?

Sole Traders are required to submit a self-assessment tax return.

I am a Partner in a partnership, do I need to complete a Self Assessment?

Partnerships are required to submit a partnership tax return, and each partner must also submit a self-assessment tax return.

I am a Director of a limited company, do I need to complete a Self Assessment?

Limited Companies are required to submit an annual return, CT600 company accounts, and directors are all required to complete a self-assessment tax return.

How Will Your Self Assessment Accountant Help Me?

Through our tax return accountants service, we will work to minimise any tax owed while preparing your Self Assessment. Our service is tailored for each individual but depending on your circumstances we can also claim for relevant expenses, allowances and tax reliefs on your tax return. We also offer a one-off tax advice where we can help you understand your UK personal tax situation.

How Long Do I Keep Tax Records In The UK

For individuals this should be a minimum of 5 years. For companies this should be a minimum of 6 years. You should ideally have a dedicated filing system for all records of historic years to ensure you can access any document easily.

How Do I Claim Tax Relief on Self Assessment?

Within the self assessment form there’s a series of supplementary pages, this is particularly important if you’re self-employed or receive income from another source – you’ll  use this section to help claim tax back from HMRC. Read more about how to claim tax relief on your self assessment

Do I need to complete a self assessment form if I am small business owner?

Yes. Small business owners are considered self employed persons and are required to complete a self assessment form so HMRC can tax earnings appropriately.

Learn more about self assessment for small business owners.

What Do I Need For My Self Assessment Form?