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Prime Advisors Ltd,
Ocean Air house
Suite 200, Floor 1,
750-760 High Road, Leytonstone,
London E11 3AW
Tel - 0044 208 530 6929
Fax - 0044 208 989 1179
E-mail: primeadvisors@yahoo.co.uk



We can give you more information on all the points below and on other tax issues
specific to your individual circumstances.




(1) If you are home owner with a spare room, you may be able to benefit from the 'Rent a Room Scheme', whereby homeowners can charge rent up to 4,250 tax free within the tax year.
(2) There are tax benefits to be gained if you are married. With Inheritance Tax (IHT), the transfer of assets between spouses is exempt. Individuals should ensure that they transfer assets inter-spouse in order to optimise their use of their zero rate tax allowance band - called the Nil Rate Band. Each spouse has
250,000 Nil Rate Band.
(3) Spouses and co-habiting couples should ensure that they organise their savings so that the basic rate tax payer holds the savings account.
(4) Inter-spouse transfers are tax exempt for Capital Gains Tax (CGT). Spouses should transfer assets to each other to ensure that they maximise the use of their annual allowance, known as the annual exemption (AE), so that they each use up their
7,700 AE before paying any tax.


(1) If you are self-employed make sure you register with the Inland Revenue within the first three months, otherwise you could be liable for a 100 fine.
(2) If you are running a business as a sole trader or partnership, it may be better to become a limited company. For limited company's there is a nil rate of tax for annual profits below
10,000 and 19% tax on all profits up to 300,000. We can show you the savings you can make, and form the limited company for you. See our Self employed page for more details.
(4) Self-employed people who work from home may not be aware that they are eligible to claim a proportion of the household expenses, such as heating, lighting and telephone calls, against their business income. Any eligible expenses can be claimed through the self-assessment tax return. For heat and light as an example the amount claimed could be as follows: annual bill/number of rooms in house x number of rooms used for the business.




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