Frequently Asked Questions:
What does me being married have to do with my taxes?
If you make less than £50,000 and your Partner makes less than the government’s tax free allowance (£12,500), you can use some of their tax free allowance to help decrease your tax bill. This is called the Marriage Allowance. Read more about the Marriage Allowance here.
What are capital gains?
Capital gains are the result of buying an asset that you sell it for more than you bought it for. It often comes up when you buy and sell a house or stock. The money you make is called a Capital Gain and in most cases this is classed as taxable income.
Is it important to pay into a pension?
Yes. We recommend paying into a Pension, not only for obvious reasons about your future security, but because these payments can be written off your tax bill – saving you money now, as well as giving you peace of mind for your retirement. This is, however, a personal choice and may not be suitable depending on your budget.
Who should I use to put money into a pension?
There are a few independent companies that will do pensions for freelancers and sole traders. Read more about pensions here.