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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4996
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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Hi, I am working as self- employed and I am trying to reduce

Resolved Question:

Hi, I am working as self- employed and I am trying to
reduce my tax bill this year.Can buying gold or shares be
countable as expenses?
Submitted: 3 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 3 years ago.
Hello and welcome to the site. Thank you for your question.


Please advise

What is the nature of your self employment?

Many thanks
Customer: replied 3 years ago.
I am working as a minicab driver
Expert:  taxadvisor.uk replied 3 years ago.

Kostadin, thank you for your prompt reply.

Investing in gold and/or shares would not reduce your tax bills these are investments and not an expense, I'm afraid.

What you should consider (if not already done) is putting money into a pension plan as your contributions into a personal pension plan would attract tax relief at your marginal rate of tax. If you are paying tax at 20% then for every £800 you put into a pension plan the tax man will top up with £200 and your pension contribution would become £1,000.

More information on tax relief on pension contributions can be found here

http://www.hmrc.gov.uk/incometax/relief-pension.htm

 

 

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

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Expert:  taxadvisor.uk replied 3 years ago.
I thank you for accepting my answer.

Best wishes.