Preparing for the end of the tax year

The UK tax system is very complex, and there are many reliefs and allowances that individuals can take advantage of

As each tax year draws to an end, so do some opportunities to save on tax close. With the pandemic creating a big hole in public finances, tax rises are likely to be on their way in the not-too-distant future.

Plans take time to put in place, so taxpayers should take action now.

The first thing to consider is whether all allowances have been used. The UK tax system is very complex, and there are many reliefs and allowances that individuals can take advantage of, provided that they meet the necessary conditions. Guidance is available on GOV.UK (but you need to know what you are looking for).

In regard to tax relief for employees, where the employer has not already reimbursed the employee for costs they have incurred while doing their job, it is possible to claim tax relief on costs. These include homeworking, professional fees and subscriptions, uniforms and work clothing and travel and subsistence costs.