Accountants provide value to businesses on a daily basis with their regular accounting services, and at the end of the day for most small business owners, that’s about cutting their tax bill where they can. A good accountant will do the work that you have engaged them to do, but what about a great accountant? They will look for the opportunities that are out there for you, and point out other things that they can do for you, be that your business or personal tax.
Jagdeep Chauhan, AIMS Accountant in Solihull, recently had a great example of this and the value that an AIMS Accountant can add. She had client, a married couple, who initially approached her do their Self-Assessment Tax Return. Of course, Jagdeep did the tax return, but the couple who also had a Buy-to-Let investment property, had never been told about the Marriage Tax Allowance and how it could benefit them. Jagdeep claimed the allowance for them not only for the current year, but she was also able to backdate it four years. The clients received a tax rebate of just under £1,000 which they were very happy with.
But what is the Marriage Tax Allowance?
It is a tax allowance aimed at married couples when one of the individuals has not fully used their personal allowance. They can then transfer part of it to their partner, as long as the partner is a basic tax rate payer.
For more tax allowances for you and your business, find your local AIMS accountant.
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