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- May 31, 2018
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Hi,
I'm based in the UK, am self employed, and I have some capital allowances to use for the last tax year, and I'm wondering how much to claim. Is it considered better to bring my taxable profit down to the personal allowance level (£11,500) or better to bring it down to the class four national insurance level (£8164)? The latter would save a further £300.24, but would waist some of my personal allowance.
In case you need to know, my capital allowances are eligible for the annual investment allowance, but are not enough to turn my taxable profit into a loss.
Many thanks for your advice.
I'm based in the UK, am self employed, and I have some capital allowances to use for the last tax year, and I'm wondering how much to claim. Is it considered better to bring my taxable profit down to the personal allowance level (£11,500) or better to bring it down to the class four national insurance level (£8164)? The latter would save a further £300.24, but would waist some of my personal allowance.
In case you need to know, my capital allowances are eligible for the annual investment allowance, but are not enough to turn my taxable profit into a loss.
Many thanks for your advice.