Once the deadline for filing self-assessment tax returns approaches, many individuals begin to feel the pressure of ensuring they file their returns accurately and on time. Filing your tax return can be a daunting task, especially if you are not familiar with the process or requirements. In this article, we will discuss common mistakes to …
Common Mistakes to Avoid When Filing Your Self-Assessment Tax Return Read More »
Employers use the P46 form to collect crucial details about their employees. Such as their tax code, in cases where the employee does not have a P45 form. To use this form, employers typically require new employees who have not worked in the UK before or those who have not received a P45 form from …
As a UK company owner, you must prepare and file statutory accounts by law. These are also called annual accounts or financial statements. They help you meet your compliance obligations. This article will explain everything you need to know about statutory accounts in the UK, such as what they are, who must file them, how …
Statutory Accounts in the UK: A Comprehensive Guide Read More »
Businesses in the UK charge Value Added Tax (VAT) on goods and services they provide. It is a complex tax that can be difficult to navigate, especially if you are a sole trader. As a sole trader, you may be wondering whether or not you need to be VAT registered. This article will explore whether …
Can a Sole Trader Be VAT Registered? Everything You Need to Know Read More »
If you work in the hospitality industry in the UK, you might be wondering if you need to pay tax on your tips. This is a common question, and the answer is not always straightforward. In this article, we will explain the rules around tip taxation in the UK and provide you with all the …
Are Tips Taxable UK: A Guide to Understanding Tip Taxation in the UK Read More »
If you’re a UK taxpayer and need to file a self-assessment tax return, you may be able to claim various tax relief to reduce your tax liability. Here are some of the different tax reliefs that you can use to potentially reduce your tax bill: Personal Allowance and Tax Brackets Personal allowance is the amount …
8 Legal Tax Relief Solutions That Can Help You Save Money Read More »
The Home Office Allowances is a fixed amount. Which any self-employed and anyone operating from their home can claim. This is possible via a method called as simplified costs, and the amount of Home Office Allowance you may claim is determined by the number of hours you work from home each month. Moreover, in comparison …
What you need to know about Home Office Allowances? Read More »
Are you familiar with capital allowance deduction and the benefits it can bring? If the answer is no, then you’ve come to the right place. In this blog post, we’ll explain what capital allowance deductions are and how they can benefit your business. We’ll discuss the different types of capital allowances and how you can …
Understanding the Benefits of Capital Allowances Read More »
Are you looking to understand how capital gains tax works for shares in the UK? Capital gains tax is an important consideration for people investing in stocks and shares, and understanding the basics can help you make the most of your investments. If you’re a shareholder in the UK, you may be liable for capital …
How to Calculate Capital Gains Tax for Shares in the UK Read More »
Self assessment tax return is a way which HMRC uses to collect Income Tax, Wages, pensions, and savings are often taxed automatically. Other income (including COVID-19 grants and support payments) must be reported on a tax return by individuals and enterprises. Can I do My Own Self Assessment Tax Return? Yes, you can file your …
Tax Return for Self Assessment – What you need to know Read More »
Self Assessment is a way through which you declare the income and gain for the tax year and pay your tax. If you are doing self assessment for the first time or haven’t filed for last year. Then you will need to register for Self Assessment with HMRC. How to Register for Self Assessment with …
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%. …
