You need to make your payment for self assessment tax before the deadline of 31st January. The amount of tax you owe depends on whether you’re a basic rate taxpayer or a higher rate taxpayer. Basic rate taxpayers get taxed at 20% on income up to £12,500, while higher rate taxpayers get taxed at 40%. …
Making Tax Digital (or MTD) is the UK Government’s initiative which aims to simplify the way people pay their taxes online. It is designed to help small businesses and self-employed people who use HMRC services file their returns on time and avoid penalties. The new system will allow taxpayers to file returns online, pay taxes …
Making Tax Digital: What does it mean for sole traders from 2024 Read More »
Are you a freelancer confused about getting your tax done? We help to pay tax for all the freelancers out there. According to a government poll, 4.1 million individuals in the UK are freelancers. If you fall into this category, you must pay freelance tax in the UK and register for self-assessment. However, this independence comes with …
You may be eligible for tax allowances that decrease the amount of income tax you must pay personal tax allowance is the major deduction. The normal Personal tax Allowance for 2022/23 is £12,570, which is the amount of income that is tax-free. However, if you claim Marriage Allowance or Blind Person’s Allowance, your Personal Allowance may …
Miles Allowance Relief (MAR) is a tax deduction available to workers who have paid business mileage rates. However, they have not been entirely compensated by their employer. Keep in mind that if you drive a business car, the regulations are different. You will not be eligible for tax relief if you earn less than the …
