The UK financial system features a broad range of tax brackets, allowances and earnings thresholds that apply to both private individuals and organisations alike. Businesses in particular need to be continually mindful of what the Government expects of them to ensure that they remain compliant and avoid any enforcement action from HMRC. Without an in-depth […]
Read moreIf you are selling a property in the UK that isn’t your main residence, you will normally be required to pay Capital Gains Tax (CGT) on any financial gains you make from the sale. Capital gains tax on residential property may be 18% or 28% of the gain, not the total sale price. HMRC provides […]
Read moreThe government launched the Making Tax Digital (MTD) programme on 1st April 2019. The programme aims to usher in a new era of a fully digital tax system, which will allow taxpayers to report their tax liabilities and keep digital records more efficiently. HM Revenue and Customs (HMRC) states that the move will minimise taxpayer […]
Read moreIf you’re self-employed, such as a freelancer or sole trader, you’re allowed to deduct certain business expenses from your taxable earnings. To ensure you don’t pay more tax than is necessary, you must understand exactly what HMRC deem as ‘allowable expenses’. With the self-assessment tax return deadline approaching, we’ve put together the following guide to […]
Read moreAlthough 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 […]
Read morePayments 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 […]
Read moreThe 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 […]
Read moreUnless 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 […]
Read moreThere 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 […]
Read moreThe 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 […]
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