Statutory and voluntary reliefs
For those in employment, these are personal allowances, usually reflected in your PAYE codings. Where you may have more than one job, or a pension and a job, for example, misallocations frequently happen.
Errors and misunderstandings also often arise in the benefits provided by an employer, such as the provision of a company car or share options. We use our experience to resolve these for you with your employer and/or HM Revenue & Customs, as the case may be.
For self-employed people trading losses can often be relieved against other income, and even capital gains.
Voluntary reliefs
You may be eligible to claim various reliefs. These all involve making an investment and the tax relief obtained may be immediate and/or future. Examples include:
- ISAs
- Pension schemes
- Venture Capital Trusts/Enterprise Investment Scheme companies
- Insurance Bonds
- Gifts to charity
We can also offer advice on more specialised schemes that are of particular interest to people facing large capital gains or inheritance tax liabilities.