UK Tax Guide 2018 (Employed, Self Employed & Business Owner)

5.5 million people in the UK are paying more income tax than they should, according to Gov.UK data. Many are unknowingly missing out on allowances and deductions they can claim and save hundreds and thousands of pounds every year.

This reference guide is essential reading for all PAYE taxpayers, self-employed and small business owners including limited companies, sole traders and partnerships. It will provide you with tax saving tactics and guidance on becoming tax efficient, and help you claim for allowances and benefits to increase your savings.

The guide includes valuable tips on completing your self-assessment and do's and don'ts to keep in mind while submitting your tax return. Almost every expense that you can justify as related to your business will allow for some deductions but you must keep records of all expenses and understand how to claim for it.

Information provided in this guide will help you check if you qualify for a tax refund, how to claim for it, and how to apply for a tax relief. It is possible to claim back some allowances you may have missed for the previous four years.

Table of Contents

How to use this guide
Why you could be overpaying and may qualify for a Tax refund
New changes for Tax year 2018/19
The big Allowances and Benefits you may have missed
Tax Saving Tactics for Self-employed and Business Owners
Benefits you are entitled to
Smart Tips and Best Practices
Recommendations for Self Employed and Business Owners
Recommendations for PAYE Taxpayers

Companies, organisations and resources mentioned:

Gov.uk, HMRC, Taxback.co.uk, Workmileagetaxrebate.co.uk, Childcarechoices.gov.uk, National Trust, SimplyBusiness.co.uk, Which, SimpleTax, Intuit QuickBooks, and Listentotaxman.com