Tax avoiding resource?

lostinrates

Can anyone recommend a good and very simple:o book/site etc on tax avoidance? (Thats the egal one right? Not tax evasion!)

My interest is in financial prudence if I became self employed and what costs I could claim legitamately as losses etc in a reasonably specialised role.

I would of course take professional advice if I decided to proceed with this, but it pays to research the viability of a plan, right?

Thank you

fengirl_2

If you are keeping proper records of income and expenditure in relation to your business, you will automatically get a tax reduction on your business expenses. I always advise poeple to open a separate bank account for business and make sure everything goes through that - you wont miss anything that way and it will make the compiling of your accounts easier. You wont find a definitive list of deductions as all business are different and you run your business as you decide.
If you make a loss, there are various rules on how these may be relieved depending on when they are made and what your other income is. Details at www.hmrc.gov.uk.

lostinrates

Thank you very much. I'll start ploughing through that now.

johnllew

Here's a link to HMRC's Business Manual: http://www.hmrc.gov.uk/manuals/bimmanual/index.htm

and a list of Receipts & Deductions: http://www.hmrc.gov.uk/manuals/bimmanual/BIM40000.htm