Tax Accountant in Surrey

Affordable fixed fee personal tax packages. Covering tax returns, self employed & rental accounts, bookkeeping and complex tax affairs. Making tax as easy as possible for clients since 2006.

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Capping income tax reliefs?

There is currently a consultation underway, delivering a cap on income tax relief.

People may think that this only applies to High Net Worth taxpayers, as there was a lot of publicity relating to the aspect on charitable giving – however there is in particular one point that could be very relevant to the self-employed.

Both in the early years of a business as well as when it has been established, there is the possibility currently of offsetting any losses in the year against general income without limit as long as the business has been undertaken on a commercial basis (so-called ‘hobby businesses’ do not qualify.)

It’s something I’ve seen with several of our clients – they may be employed as well as self-employed, perhaps whilst they build up the business.

If there is a loss on the self employment it can be set against the employed income and potentially a tax refund can be claimed. However there are proposals that, from April 2013, the total loss allowed would be restricted to £50,000 or 25% of their income – whichever is greater.

This could have a significant effect on the self-employed, so I will be following the consultation and will report further with updates. The consultation ends on 5th October 2012, and draft legislation is expected to be published in the autumn.

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Accountant in Surrey

Are you looking for a personal tax specialist?

I built up my tax experience in industry and practice over 17 years before founding my own practice in 2006.

Based in Cobham, Surrey I can also help clients throughout the UK.

  

My goal is to make personal tax and accounts for the self-employed as easy as possible for clients

 

Award-winning Accountant

Small Business Saturday is the UK's most successful small business campaign. Only one hundred of the UK’s top small businesses are selected each year for the SBS100. They act as trail-blazers in the official count-down towards the annual event.

I was one of the alumni from the 2014 Small Business Saturday 100, resulting in two visits to Downing Street.

In the Surrey Digital Awards from 2015 - 2018, I was also the winner of several top awards.

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