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Tax tips to freelancers for the new tax year

freelancesupermarket.com newsroom

RSS 23 March 2010
Contractors wanting to become more tax efficient could benefit from a list of tax tips recently published by HSBC.

The new tax year begins on April 6th and one of the points highlighted in the HSBC document is the need to ensure taxpayers have been issued the right tax code this year.

When HMRC migrated their records to a new coding system, some people received incorrect coding notices that could leave them liable for larger than normal tax bills.

If you are in any doubt about your new tax coding, please contact HMRC as soon as possible so that a new notice can be issued before the new tax year begins.

It is likely that the government will introduce higher taxes, and possibly additional taxes, in order to reduce the public sector debt. It is therefore in everybody's best interest to review their financial circumstances and take advantage of tax breaks wherever possible.

Another tax efficient tip is to save the maximum allowed in an ISA. The limits were recently raised and now stand at £10,200 for over 50s and £7,200 for under 50s.

You also get a tax break with pension payments and higher rate taxpayers may be able to benefit from income tax relief of up to £40 on every £100 paid into a pension.

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Image: work-todo-list-july-6 by purpleslog

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