Registering For VAT
What is VAT? Value Added Tax (VAT) is a consumption tax that is levied on the value added to goods and services at each stage of production or distribution. In the UK, businesses collect VAT from their customers on behalf…
Registering For Self-Assessment Tax Returns 2022/23
In the UK, individuals and entities who meet certain criteria are required to register for self-assessment tax returns. Here's a general overview of who may need to register: Self-Employed Individuals: If you are self-employed and earn more than £1,000 you…
Can Employees Get Tax Relief For Job Expenses?
Sometimes as an employee you may incur expenses for your job, but can you get any tax relief for these items? In some circumstances tax relief may be available if you use your own money for expenses that you must…
What Is Corporation Tax?
Corporation tax in the UK is a tax levied on the profits of limited companies, foreign companies with a UK branch or office, and some other organisations like clubs and associations. It is not applied to sole traders or partnerships;…
Limited Company Versus Sole Trader – What Should You Consider?
There are various advantages and disadvantages to consider when deciding whether to operate as a limited company or sole trader, here are some things to think about; Limited Company: Benefits: Limited Liability: One of the most significant advantages of a…
Understanding Marriage Allowance
Marriage Allowance is a tax break designed to assist married couples and civil partners in optimizing their tax situation. The primary aim is to enable one partner to transfer a portion of their Personal Allowance to their spouse or civil…
Payments On Account – Why Do I Have To Pay Them?
At the end of this month the second payments on account for the 2022/23 tax year will be payable to HM Revenue and Customs for individuals who are liable to pay them. But, why do some people have to pay…
Employee or Self-Employed?
In the United Kingdom, the rules for determining whether someone is employed or self-employed are primarily based on the nature of the working relationship. Here are some key factors to consider: Control: Control refers to the degree of autonomy and…
Tax Codes – What Are They And Why Should You Check Them?
Tax codes are alphanumeric combinations that are used by HM Revenue and Customs to determine how much income tax should be deducted from your earnings. If the code is wrong you may end up paying either too much or too…
Rental Expenses – What’s Allowable?
When you earn rental income from a property in the UK, you are generally liable to pay tax on that income. However, you are entitled to deduct certain expenses from your rental income before calculating the taxable profit. These allowable…
