TEACHERS…..Have you paid too much tax?
We have recently received enquiries from both Primary & Secondary school teachers about their tax deductions through the PAYE system. After reviewing and researching each situation we found a very interesting document (found here http://www.hmrc.gov.uk/list3/index.htm) containing a list of the professional subscriptions that can be offset against income……meaning an adjustment in TAX PAID.
Each of the teachers paid subscriptions to the NUT, NASUWT and GTC – all of these are listed on the Approved Professional Subscription list above.
The good news doesn’t stop there, specialist clothing & equipment, mileage and and any other expense incurred exclusively for employment not reimbursed by your employer is ab allowable deduction too.
Finally, HMRC allow the last THREE years to be reviewed so we can actually adjust your income accordingly.
The tax refunded in the situations above ranged from £260 to £480 so act now!
WELCOME TO THE NEW SHINY WEBSITE!!
Firstly, please don’t be put off by a blog written by an accountant.
Having read an awful lot of blogs, forums and sales copy by other accountants, I understand how tedious paragraphs full of jargon and figures can be.
To be honest, I’ve never really understood why so many professional blogs are written this way. In my view the only people that need to know about a new deadline for capital allowance elections of loopholes for residential landlords are accountants….!’m not trying to make this blog interesting for them, I’m trying to make it interesting for you. Half of the client-accountant relationship should be based on the ability to digest the confusing & complicated jargon that can then be passed on to the client in a relevant and buzz-word free manner.
Finally, I hope you continue to read this blog. Accounting affects people only in business but tax affects all of us so hopefully there is something in this for everyone (for those that care about neither, I may also not be able to stop myself talking about sport every now and then!).
I will also encourage anyone with event the smallest query to contact me- if it’s relevant to you, it will definitely be relevant to someone else too so we may all learn something from this!
I hope you enjoy the start of my journey with me!