As a business owner in the UK, managing your finances can be a daunting task. From keeping accurate records to filing tax returns, there are many financial responsibilities that come with running a business. While it’s possible to handle these tasks on your own, many… Read More »Why using an external accountant is good for your company.
In the United Kingdom, the tax system is based on the principle of paying taxes based on one’s income and wealth. The UK tax system is complex, and the rules and regulations can be confusing to understand, especially for those who are not familiar with… Read More »United Kingdom Tax Rules: A Comprehensive Guide
What is tax avoidance? Some people try to bend the rules of the tax system to pay less tax than they should. How to spot tax avoidance? Understanding how you’re being paid is the best way to make sure you don’t get caught up in… Read More »Tax avoidance – don’t get caught out
The Monetary Policy Committee voted on 3 November 2022 to increase the Bank of England base rate to 3%. HMRC interest rates are linked to the Bank of England base rate. As a consequence of the change in the base rate, HMRC interest rates for late payment and… Read More »Interest Rate Increase to 3% & HMRC Late Payment Changes
At the height of the wedding season, HMRC is reminding married couples and people in civil partnerships to put extra cash at the top of their gift list and sign up for Marriage Allowance. Marriage Allowance allows married couples or people in civil partnerships, including… Read More »HMRC Urges married couples to use “Marriage Allowance”
Many customers are yet to renew their tax credits ahead of the deadline, with HM Revenue and Customs (HMRC) reminding them to do so by 31 July – or their payments will stop. Tax credits help working families with targeted financial support – so it’s… Read More »Tax credits customers have until end of July to renew
In the last few years, there has been an increasing number of ‘early-bird’ customers filing their completed Self Assessment tax returns at the start of the new tax year – almost 30,000 more customers filed their returns on 6 April this year, compared to 2018… Read More »Self Assessment Returns
Chancellor Rishi Sunak has recently delivered his Spring Statement announcing a number of tax cuts to Parliament to deal with the cost of living crisis. Inflation has risen to 6.2% the Chancellor has revelaed that the payment threshhold for National Insurance will rise to £12,570… Read More »Tax Cuts in Spring Statement
An income tax freeze set to bring in an additional £13bn. The freeze in income tax thresholds and rising inflation means the Treasury will collect £13 billion more than previously predicted, according to the Institute for Fiscal Studies (IFS).The Treasury could raise as much as… Read More »Income Tax Freeze
Owners of second homes who take advantage of a tax loophole by claiming their additional often-empty properties are holiday lets will have to follow new measures, the Government announced last week. From April 2023, second homeowners will have to prove holiday lets are being let… Read More »Govt. closes second-home tax loophole