Wondering what an entrepreneur’s tax relief is? While establishing a new business, you might face a lot of problems. Being an entrepreneur, you always struggle to minimise your expenses and maximise your earnings. Entrepreneurs’ Tax Relief is there to reduce your capital gains tax (CGT). When you are selling your business or a part of …
A sum of money that a company pays to its shareholders is called a dividend. The company can only pay when it has made a profit and is earning cash. Whether you own a limited company or you are the sole shareholder of your business or have few shareholders (you and your partner) the fact …
Wondering can I pay taxes with credit card? The quick answer is no, not with the personal credit card, but you can pay with the debit or corporate credit card as EU legislation has prohibited HMRC from recharging relevant fees back to customers in 2018. So from 2018 onwards, you can enjoy a toll-free use of …
Millions of employees are now automatically enrolled in a workplace pension scheme through a government initiative known as automatic enrolment for employees. This initiative was introduced by the government to help people to save for their retirement. Here, your employer also contributes to it. In this blog, you’ll learn what is automatic enrolment for employees, …
Many people, including self-employed persons and employers, might not be aware of the troublesome rules of benefits of kind. Sometimes it may be tricky to understand them as few of them are taxable and few aren’t. Due to the complex rules, it may be difficult to know which rules apply as per your situation. But …
You may trigger a tax investigation from HMRC if you don’t pay taxes on time, there’s a significant error in your tax returns that need correction or you are involved in tax avoidance and evasion. These things may arouse HMRC to dig deeper into the tax affairs of an individual or a company. Broadly, HMRC …
Want to buy a commercial property? Wondering is there a stamp duty on commercial property? The quick answer is yes, you need to pay SDLT on commercial property. Likewise residential property, you need to pay a one-time stamp duty land tax on commercial property transactions worth over £150,000. This tax is payable whether you are …
If you are keeping some money aside for your retirement, emergency or to buy a house, you are liable to pay tax on your savings. Thanks to personal savings allowance (PSA) that allows you to earn a tax advantage on your savings. In this blog, you will learn how much you will be taxed on …
Considering buying a car through a limited company? At first, it may seem an appealing idea for saving a great amount of tax, however, there are many complications and business tax implications that you need to be aware of. Buying a car through a business would only be beneficial to you as per your circumstance. …
Things to Consider when Buying a Car Through Limited Company Read More »
Tired of paying too much taxes? Want to minimise your tax burden? Avail tax reliefs! These reliefs can be a great way to mitigate your taxes and to reclaim taxes you have already paid. Read on to find out what is tax relief, how it works, what types of tax relief you can claim and …
Do you know, one out of three people qualify to claim a tax rebate in the UK? It means that there are more chances that you are one of them. Every year a large sum of money goes unclaimed due to a lack of knowledge or time constraints to deal will the complex process. Getting …
If you are buying a home or property costing above £145,000 in the Scotland, you have to pay LBTT (Land & Buildings Transaction Tax) on it. In addition to that, if you are buying an extra property (above £40,000), you have to pay 4% more on the property’s total purchase cost. The standard rates of LBTT …
Your employer will deduct emergency tax from your paycheck if you do not provide complete information of tax at the start (of work) within the United Kingdom. In addition, you are also charged with an emergency tax on your pensions. Therefore, read on this blog to know how to avoid emergency tax. We are skilled …
Due to COVID-19, numerous people are shifting towards WFH (work from home). Operating from home is benefiting people in reducing the overall expenses. This encourages people to start their businesses. When working from home as a limited company, there are many tax reliefs provided by the HMRC. This blog will let you know about the …
Tax Implications of Taking Money from a Limited Company for Home Office Read More »
Do you know what’s being deducted from your annual salary and what is progressing to be your take-home pay? So, it is essential to understand what is net pay and how it differs from gross pay to help you oversee your funds and make several goals for increasing profits and developing a career. This article …
What is Net Pay? Net Pay Vs Gross Pay – Definitions & Formulas Read More »
While gifting property to someone, you’ll need to pay the Capital Gains Tax(CGT) on gifts if the value of the property increases since you bought it. It’s like you sold your property for a benefit, then took that cash and gave it to someone as a gift instead. Gifting property to your loved ones is …
How to Avoid Capital Gains Tax on Gifts? – Gifting Property Read More »
Managing your business’s finances can be extremely difficult, and there are numerous opportunities to make inadvertent tax report errors. Business owners and managers who don’t want to end up with a headache in managing finances should run to Cheap Accountants in London to get the job done. If there comes a time when you realise …
HMRC Voluntary Disclosure – Your Guide to HMRC Voluntary Disclosure Read More »
Taxes are a bane of many taxpayers’ existence, but filing the right documents is never as straightforward as it seems. When errors are found in your records, they can catch the HMRC’s attention and result in an unwelcome HMRC tax investigation. This often results in a myriad of costly consequences for businesses, so you can …
What Causes HMRC Tax Investigations Against Self Employed? Read More »
Currently, there are over 1.1m people who are working for a second job in the UK (ONS Data). If you’re one of them or going to be on the list in the future, figuring out the second job tax might be confusing. Let’s see how your second job affects your tax bill! Financial strains …
A taxpayer identification number (TIN) is a combination of unique characters, provided by the tax authorities to individuals and entities for tax purposes. TIN is provided to identify a person or entity to administer the government’s tax laws. Most countries issue this number for the proper management of their tax affairs. However, there are …
No one likes parking fines. However, when you pay a ticket against the service to your customer. In such a case, you should be provided a tax deduction on private parking fines. Possibly, your business might use vans to deliver goods and your driver unintentionally needs to park the van on double yellow lines. …
If you’re a limited company, you need to pay corporation tax every year. In this short blog, we will discuss how to pay corporation tax and what is the best way to pay it. As a registered limited company, you’re legally bound to pay corporation tax on the profit you make. First, you need …
Like you, everyone hates taxes. Though, you are obliged to pay them. Taxes are one of the substantial revenue sources of a state. Most people pay them, but some people try to avoid and evade taxes. As a result, the process of avoiding and evading taxes is known as “Tax Avoidance and Tax Evasion”. …
Find Out the Difference Between Tax Avoidance And Tax Evasion Read More »
Capital gains tax is charged on the increased value of an asset at the time of disposal. This tax is only applied for the items that you sold (realized), not on the unsold items (unrealized capital gains). Like the value of your stock shares increases every year, but you don’t have to pay for …
What is Capital Gains Tax? Are You Going to Pay it! Read More »
It’s important to note that Stamp Duty on Residential Property puts a limit on the number of gardens that have been excluded from the main residence. People who have big gardens or land may want to pay attention to details. Know What’s Allowed? The stamp duty on residential property legislation allows grounds up to …
All you Need to Know About Stamp Duty on Residential Property Read More »
The national debt continues to rise up and one can feel nothing but tense at the rising Capital Gains Tax (CGT) at one point and time. The pandemic is nowhere to end any time soon, and hence chancellor Rishi Sunak is a bit too careful in taking his decisions. ‘What if the economy is not …