UK Mortgages
Before you start read tips and tricks about mortgagesbe aware of your Tax Situation. Learn a bit about taxation it may save you money over the years. Don’t put off looking into tax, even if you dislike the ida.
Interest you receive is generally liable for taxation unless you save in an ISA. So save in an ISA account , up to £3000 each year.
Because interest received is generally taxable the tax man has arranged to take his cut before you get your interest. Banks and building societies take tax off your interest automatically.
If you haven’t registered for gross interest or think you have paid too much tax then ask your tax inspector for a refund at the end of the tax year 5th April.
Everyone has a personal tax allowance. This is the amount of income you can have without paying any tax. Make sure any interest received is paid to the partner with unused allowances.
Inland Revenue make lots of mistakes so check you tax code. This is used by your employer to calculate how much tax to deduct form your wages.
If your circumstances have changed since completing a tax return tell the revenue.
There are not many special allowances or expenses but professional subscriptions, union agreed trade allowances and some ex-gracia expenses are allowed against tax if you claim them.
Send in you tax return promptly and avoid penalties. If you do get a penalty, contact them to ask for a refund, perhaps it got lost in the post.
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