If you’re a newly self-employed person looking to set up a business, then you may be concerned about the taxes. But first, you must be aware of a tax relief that is available for you. This tax relief is known as a trading income allowance. It has an impact on the tax amount, which you …
Trading Income Allowance – A Small Guide for Beginners Read More »
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 »
It is a fact that there are many benefits of establishing your own business. That’s where the sole proprietorship, the most basic business structure, comes in. Being your own boss allows you to work from home, make your own decisions, keep all profits, and apply business growth methods. So, if you wish to work as …
How Do I Register as a Sole Trader? – Basic Guide Read More »
A government study found that a wide range of individuals works for themselves within the UK. If you’re one of them, you’ll be obligated to pay tax on freelance work UK and need to register yourself for Self Assessment. After registering, you are required to pay several types of taxes such as income tax, NICs and …
Tax Information For Freelancers: How to Pay Tax on Freelance Work UK? 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 »
If you’re thinking to set up your enterprise as a limited company (or you have already set up), you must know what share capital is and how it works. Shareholders within the company are only responsible for what they put into the business as limited companies are ordinarily “limited by shares.” You would often encounter …
HM Revenue & Customs is responsible for managing taxes in the United Kingdom. The main types of taxes are Income tax, NICs, VAT, Corporation Tax, Excise & Stamp duties. In most of the taxes, people with high income pay a high rate of taxes. Once you pay your charges within the UK, it can include …
6 Main Types Of Tax To Pay In The UK – Taxation Guide Read More »
Self-employed expenses can be deducted from the business turnover to calculate the overall tax required to pay every year. However, all the business expenses are not allowable. Therefore, as a self-employed person, you must know the cost that can be reclaimed on your tax returns. In this blog, you will come to know about What …
Tax Allowable Expenses – A Guide to Self-Employed Persons! Read More »
As an owner of a small enterprise, you are required to pay several taxes according to the performance of your business on time. Therefore, there are several tax breaks available for SEMs to ease a load of tax in many ways. You Free up an amount of money for your commerce, diminished with a tax …
If you are a business owner operating on the structure of being a limited company, tax efficiency is one of the biggest priorities you have, as well as a significant challenge you face. Staying on top of government dues and fees is incredibly important, and it’s a crucial aspect of your business’s financial health. As …
What are Dividends and How Often you Pay Limited Company Dividends? 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 »
Struggling to know what is a unique taxpayer reference (UTR) number? Who needs this number? What it is for and how can you get it from HMRC? We have answers for all in this quick read. What is a Unique Taxpayer Reference (UTR) Number? A Unique Taxpayer Reference, also known as a UTR number …
What is a Unique Taxpayer Reference (UTR) Number and How to Get One? Read More »
Calculating the depreciation of fixed assets has paramount importance to business owners. You can calculate the depreciation of assets in different ways and it varies depending upon your calculation method. This short blog will help you to determine how to calculate the UK depreciation rates on fixed assets of the businesses. Let’s kick off with …
How to Determine the Depreciation Rates on Fixed Assets Read More »
Almost everyone pays taxes—as a citizen of this country, you’re expected to fulfil this responsibility so that you can enjoy public goods and services. When speaking of taxes, you may only be familiar with the deductions on your salary that help fund government spending, but that’s not all there is to it! Most people …
Tax Rules for Landlords – What To Know When Renting Out a Property 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 …
As an employer, whenever you pay a certain amount to your employee after working out the taxes, the payment might get smaller. If you want to provide a net payment to your employee without any tax deductions, you can go for a tax gross up. Read on to find out the details. What is …
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 …
Ensuring you get all your figures right in a financial statement is incredibly important for complying with tax regulations. Any minor details that end up being incorrect can trigger an investigation, so you’ll need to make sure that your financial statements are airtight. Most companies hire external accountants in London to conduct a financial audit …
The Research and Development Tax Relief or R&D Tax was instituted for the progression of society and technology. This tax credit is available to small and medium enterprises (SMEs) with substantial proof that their business can improve society and advance technology. But with such a responsibility around this credit, SMEs must understand a few things …
Understanding the R&D Tax Relief Scheme for SMEs in 2021 Read More »
Filing your tax return is important. In fact, you need to file them before the deadline to avoid any penalties. As crucial as it is, however, it can be daunting to complete, especially when you already have a lot on your mind. If you haven’t filed your first Self Assessment tax payment for the previous …
Filing Self Assessment Tax Returns – 7 Dates You Need to Remember Read More »
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 …
Whether you’re getting your payslip for the first time or you have been getting it for years. It’s important to understand what is PAYE, how it is calculated, and what affects deductions on your payslip. There are different tax codes on your payslip that determine the tax you owe to HMRC. What those tax …
What is PAYE and What Affects Deductions On my Payslip? Read More »
As the world is turning into a digital hub, countries are shifting from traditional ways to the digital tax system. The government of the UK has declared the Making Tax Digital (MTD) initiative in the budget of 2015. Its implementation is in the process which will be completed soon. After its completion, the UK will …
What is Making Tax Digital and How will it Affect your Business? Read More »
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 »
You might be wondering: How much Tax and National Insurance will I pay? Right! You (as an employee) are liable to pay Income Tax and National Insurance on your gross income through a system known as PAYE. While paying, you have to ensure that you’re paying the right amount as per your tax code. …
If you are struggling to minimize your corporation tax liability, you’re at the right place. In this blog post, we’re going to crack corporation tax relief and allowances. To achieve your target, you need to understand the ways to handle annual investment allowance and other types of capital allowances. We’ll also discuss allowable expenses. …
Who doesn’t want to save on taxes in the UK? Everybody does, especially small business owners. Before you think about ways not to pay tax legally, stop—because that’s never going to happen. What is possible is to save tax legally in the UK, and the best way to do that is through a proper tax …
Is It Possible for Small Business Owners to Save on Taxes in the UK 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 …