Tax reliefs, or tax breaks as they are sometimes called, aren’t without controversy. Critics say there are too many of them and deny the public purse much needed funds.
In January this year, a think tank published the results of its own annual review on the cost to the nation of tax reliefs and
suggested the bill had grown to £164 billion in 2018/19, equivalent to £6,000 per UK household. Attempts to tot up the number of individual reliefs in recent years consistently put the number well above 1,000. Read our article to see how we ended up with such a complex system of tax reliefs and what’s next.
As your accountants, we play a key role in helping you navigate this complex landscape and claim every relief to which are you entitled.