How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4996
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
Type Your Tax Question Here... is online now

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: 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: 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



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. and other Tax Specialists are ready to help you
Expert: replied 3 years ago.
I thank you for accepting my answer.

Best wishes.