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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
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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

This answer was rated:

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?
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

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

 

 

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