You’ll need to fill out a SA302 tax calculation form, which HMRC will use to verify your earnings over the previous four years. Many lenders will use this form to determine whether or not your income is accurate and whether or not the mortgage product is reasonable based on your self-assessment tax return that you …
How do I get my SA302 and what is the purpose of one? Read More »
You pay corporation tax when your company or association makes money from trading, earnings, investments, and other taxable gains. Such as the sale of company assets, including land and property, equipment and machinery, and company shares. All limited firms in the United Kingdom are subject to corporation tax. What is the current corporation tax rate? …
Corporation Tax: How to pay and everything you need to know. Read More »
Cryptoassets (also known as ‘tokens’ or ‘cryptocurrency’) are digitally secured representations of value or contractual rights that can be: transferred, stored, and traded electronically. The big question for crypto enthusiasts is whether cryptocurrency is taxable, and if so, what are the tax rates. We’ll take a look at the crypto tax of the UK and …
Crypto Tax UK : All you need to know about the tax policies. Read More »
Whenever you gain make money from marketing an asset, the Capital Gains Tax obligation starts. The key point to remember is that the tax is measured on the profit you make and not the amount you sold it for. How Capital Gains tax is calculated, and what are the tax rates are some of the …
What is a tax code? Every person employed or receiving PAYE income has a tax code that is assigned by the government’s tax collection agency (HMRC). You should know your tax codes assigned by HMRC since it tells your employer how much income tax to deduct from your pay. How can your tax codes be …
If you come to the UK, become a tax resident here, and have foreign income or gains (that is, income and gains from outside the UK) during your stay, you must follow more complicated tax rules. This is due to the UK tax system’s attempt to tax UK residents on their worldwide income and gains. …
Self Assessment is a way of collecting income tax used by HM Revenue and Customs (HMRC). Wages, pensions, and savings are typically taxed automatically. Individuals and businesses must report other income on a tax return. You must send a tax return before the self-assessment deadline to avoid incurring any penalties. When do I have to …
What happens If I miss the tax return Self Assessment Deadline? Read More »
If you’re an investor or a business owner who receives dividends from UK companies or funds, it’s important to be aware of the dividend tax rates for the 2022/23 tax year. Dividend tax rates determine how much tax you’ll need to pay on the dividends you receive, and understanding these rates can help you to …
The UTR (Unique Taxpayer Reference Number) is a ten-digit number. It is unique to each user and serves as a reference to HMRC. Therefore, it is critical, especially when dealing with taxes. The UTR number is used for a variety of purposes, including claiming a tax refund and submitting a self-assessment, to name a few. …
How To Register For A UTR Number? – Things To Know Read More »
If you get a job or a pension and pay taxes via the Pay As You Earn (PAYE) system, you may end yourself paying too much in taxes. This is for a number of reasons. However, you can request a tax refund claim with the HMRC, and if they find you have paid more tax, …
It might take some time to get back to a normal state and millions will continue to work from home. Due to the pandemic, people are continuing to work from home and last year the work from home tax relief was introduced by the HMRC. The HMRC has recently confirmed that the work from home …
Work from Home Tax Relief that can be claimed in the UK. Read More »
Being an entrepreneur is difficult, but this has not stopped people. Over the years, the number of self-employed has risen significantly. There are more than 5 million self-employed in the UK, up from 3.2 million in 2000. People often like to be their own boss, to control their lives, and to have freedom. However, being an entrepreneur …
Why using accounting software in the UK can help a Self-Employed Read More »
