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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3816
Experience:  FCCA FCMA CGMA ACIS
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Sam - I am someone who comes from a working class background

Customer Question

Hi Sam - I am someone who comes from a working class background who now is lucky enough to earn a significant income which includes a typical annual bonus> I think due to my naievity i seem to be getting clobbered from all sides regarding tax!!!
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.
Hello, I am Keith, one of the experts on Just Answer, and happy to help you with your question.
Basically, as an employee, your ability to reduce your tax bill is limited. In general terms the only way is to make contributions to an approved pension scheme. Even then you are limited to the level of contribution. It is 40K this current tax year, 40K last tax year and 50K the year before. These limits apply to the sum of any contributions you or your employer make to a pension fund. If you use a SIPP you can go back three years to mop up un used contribution limits for earlier years.
You can, of course, claim professional subscriptions or possibly motor mileage, but these are small beer in comparison with pensions.
I do hope that I have been of help with my answer.
bigduckontax and other Tax Specialists are ready to help you
Expert:  bigduckontax replied 1 year ago.
Thank you for your support.

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