Self-assessment tax returns can be intimidating for new filers. However, with adequate preparation, the process can become less daunting. This article provides recommendations for preparing and filing your self-assessment tax return. What is Self-Assessment Tax? It refers to a taxation system where individuals and businesses compute their own tax liability and report it to the …
Tips for preparing your Self Assessment tax return Read More »
As taxpayers, we are all familiar with the anxiety and stress that come with the annual tax season. The process can be overwhelming, especially when we receive confusing notifications from HM Revenue and Customs (HMRC). One such notice is the P 800 tax calculation. Many taxpayers do not understand the implications of receiving this notice, …
What is a P 800 refund or notice? A Concise Guide. Read More »
Capital gains tax (CGT) is a tax levied on the profit or gain realized from the sale or disposal of a capital asset, such as property. In the United Kingdom, CGT is payable on the sale or disposal of a property that is not your main residence. Or on the sale or disposal of any …
All You Need to Know About Capital Gains Tax on Property Transactions Read More »
Do you have income from sources outside of your home country? If so, it’s important to be aware of the tax regulations that may apply. In this blog article, we will discuss foreign income tax and what you need to know in order to comply with the applicable laws. How to determine UK Citizens If …
If you’re looking to buy a property in the UK, you may wonder if you can use rental income to qualify for a mortgage. The answer is yes. You can use rental income to qualify for a mortgage in the UK. There are a few things to keep in mind: If you can meet these requirements, you …
Are you an investor receiving rental income from a foreign property outside your home country? If so, it is important to understand the foreign rental income tax laws that may apply to you. In this blog post, we will discuss what you need to know about foreign rental income tax and how to ensure you …
What You Need to Know About Foreign Rental Income Tax Read More »
Are you a rental property owner in the UK? Then, you’re likely already well-versed in the ins and outs of the rental market, but have you considered the tax implications of your property investments? Don’t worry – we’re here to help! In this blog post, we’ll introduce you to some tax strategies you can use …
Essential Tax Strategies for Rental Property Owners – TaxTotal Read More »
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 »
To get a loan from your firm, you must have the position of director, as the term implies. In layman’s terms, the Directors Loan Account is a financial account on the business’s books that records all transactions between the director and the firm. If the company owes funds to the director, you have to record …
Directors Loan account – Things you need to know. Read More »
You can earn certain allowances and tax-free income during a tax year. Apart from those, you are entitled to pay tax on the income you generate across the tax year. Knowing the UK tax year dates can assist you in planning your personal financial budget and ensuring that any tax deadlines are met. It is …
What Is Rental Income? Rental income is the money that a property owner receives in exchange for letting another person or business use their property. This income includes rental payments received in advance, late payments, and current payments received. In addition to that, money received for lease cancellations and refunded security deposits are also treated …
Rental Income Tax in UK – What do you need to know? Read More »
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 »
