Making over £200K a year? You might be killing it in business or your career—but HMRC doesn’t care how hard you work. It only cares how clean your tax file is. Unfortunately, even highly successful people are still leaving thousands on the table—or worse, exposing themselves to unnecessary risk.
At Ten Piece Ltd, we’ve seen the patterns. Here are the most common tax mistakes high-earners still make—and how to fix them.
1. Not Leveraging the Right Business Structure
Many consultants, freelancers, or side-hustlers keep operating as sole traders well past the point of profitability. By shifting to a Ltd company, you can take advantage of tax efficiencies like:
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Lower corporate tax rates
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Dividend payments
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Director salary structuring
→ Potential Savings: Thousands annually
2. Missing Out on Pension Relief
Putting money into a pension doesn’t just help your future self—it slashes your tax bill right now.
Many high earners fail to max out their annual pension allowance, missing tax relief on up to £60,000/year.
3. Poor Record-Keeping = Missed Deductions
Busy professionals often let receipts pile up—or worse, go digital-only and lose proof. That means:
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Missed travel expense claims
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Unclaimed home office costs
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No evidence for legitimate business write-offs
Solution: Go digital with a cloud accounting setup and automated receipt capture (we can help you with both).
4. Not Planning for Capital Gains
From selling property to liquidating stocks or crypto, Capital Gains Tax (CGT) can be brutal. With proactive planning, however, you can:
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Time disposals across tax years
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Offset gains with losses
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Use your spouse’s allowance
Mistake: Most people only call an accountant after they’ve sold. Too late.
5. Thinking a “Basic Accountant” is Enough
If your finances aren’t basic, your accountant shouldn’t be either. A good tax advisor:
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Actively finds legal ways to reduce your liability
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Keeps up with annual tax code changes
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Guides you on long-term wealth strategy—not just year-end filings
Final Thoughts
Tax is not just an obligation—it’s a lever.
And if you’re not pulling it properly, you’re leaving money on the table.
Want a free review of your current tax strategy?
Book a confidential 30-minute consult with Ten Piece Ltd today.
