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Tax in UK + Possible Deductions

 
#1 Tax in UK + Possible Deductions
17/06/2008 22:58

anonymous

Hello everyone!

I will be starting in a graduate role with one of the tier 1 strategy consultancing firms, specifically financial consulting.

I am about to work out my exact net salary after all deductions took place. I am aware of the PAYE system in the UK, but am not sure about possible deductions one can claim.

If I for example purchase books related to my education and professional expertise (e.g. financial theories, management, etc.) would it be possible to claim a tax refund for them or use them to reduce my taxable salary?

I am hoping someone could clarify this problem for me.

Thanks a lot - I found this forum quite useful to gain a preliminary insight into the consulting world

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#2 RE: Tax in UK + Possible Deductions
18/06/2008 09:56

rollercoaster to anonymous (#1)

Google HMRC and/or get an accountant.

Note that there are some business expenses that are tax deductable, plus salary sacrifice schemes where you pay out of gross income for benefits (e.g. AVCs (pension contributions) and cycle to work / employee computer purchase schemes) that complicate matters.

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