Resources

— Tax

VAT

VAT on International Transactions

As the internet makes it increasingly easy to buy and sell goods and services abroad, overseas transactions are becoming commonplace for many of our small business clients. Here we look at how to deal with these transactions from the perspective of UK VAT.

Kieran Burge March 12, 2021

Tax

Do I need to do a tax return? Self Assessment Guide

Although many people in the UK have their income taxed at source through PAYE, the majority of self-employed and company directors will need to fill in a self-assessment tax return. You’ll also be required to complete a self-assessment tax return if you have other sources of untaxed income or meet specific criteria. You always file […]

Tax

What is Payment on Account? And How Is It Calculated?

Payments on account are advanced payments towards your tax bill. If you’re submitting a self assessment tax return, you’re required to pay some of your estimated tax liability in advance before the end of the next financial year. As a result, you must make two payments on account every year to help prevent you from […]

Tax

How the UK is Taxing Cryptoassets and Cryptocurrency

The tax treatment of cryptoassets – like so much else about cryptocurrencies – keeps changing (some say “evolving”), as does much else about the field. It is still difficult, for example, even to say how many people are exposed to “crypto”, for instance, dabbling in trading bitcoin or using crypto for purchases. One figure offered […]

Tax

What is IR35? Off-payroll working changes April 2021

Unless you live under a rock, you’ve likely heard about the UK government’s crackdown on IR35. The tax legislation was initially established in 1999, and its focus is to stop tax avoidance by individuals (contractors) who serve their clients via intermediaries like private limited companies. Also referred to as ‘disguised employees,’ these individuals act, look […]

Tax

Pension Tax Relief for Higher Rate and Additional Rate Taxpayers

There are lots of benefits associated with pension saving, and one of the greatest is reduced tax. When saving into your pension program, the government will reward you for saving for the future in the form of tax relief. All the money that you direct to your pension scheme receives basic rate tax relief at […]

Tax

Top 6 Tips to Prepare for your Self Assessment Tax Return

The government relies on taxes to fund development projects, offer medical services, and improve security, among other things. If you earn any income or capital gains, you are required to pay income tax. Ordinarily, taxes are automatically deducted from salaries, savings, and pensions. If you are self-employed or earn additional income that is not automatically […]