Rental income can be a great source of additional income, but it also comes with tax responsibilities. Fortunately, there are several legitimate ways to reduce
One of the more unpopular Budget announcements was the rise in employer’s National Insurance from 13.8% to 15% from 6 April 2025. The Class 1A
Tax due under Self Assessment for 2023/24 should have been paid in full by midnight on 31 January 2025, along with the first payment on
Corporation Tax on Chargeable Gains, often referred to as Corporate Gains Tax, is a critical aspect of corporate taxation in the UK. Businesses that dispose
If you have changed your name due to marriage, divorce, or any other reason, it is essential to update your records with HMRC to ensure
Receiving a tax refund from HM Revenue & Customs (HMRC) can be a pleasant surprise, but many people wonder how they will get their money
Where an employee has more than one job, they may be able to defer the payment of Class 1 National Insurance contributions in one or
Filing annual accounts is a crucial responsibility for limited companies in the UK. It ensures compliance with both HMRC and Companies House regulations. Here’s a
As the cost of living crisis continues to bite, you may find that come 31 January 2025 you are struggling to pay your Self Assessment
Benefits in kind (BIK) are goods and services provided to an employee (or a member of their family or household) for free or at significantly
For many years the most tax-efficient method of withdrawing monies from a company by a sole director/owner has been to take salary up to the
Purchasing a commercial property at auction is a common occurrence. Although usually the sale or lease of a commercial property is exempt from VAT, sometimes
The payment of National Insurance contributions is linked to entitlement to the state pension. If sufficient National Insurance contributions of the right type are paid
Selling a rental property in the UK often incurs Capital Gains Tax (CGT). Here’s a breakdown to help you understand: 1. What is Capital Gains
Being self employed in the UK comes with a range of benefits, including flexible working arrangements. However, it’s essential to understand how much you can
Self assessment tax return is a crucial aspect of the UK tax system that ensures individuals and businesses accurately report their income and pay the
If you are self-employed, you will pay tax on your taxable profit. In working out your taxable profit, you can deduct certain expenses that you
The UK’s tax updates in December is undergoing substantial changes, with several significant updates impacting individuals, businesses, and specific sectors. Here’s a breakdown of the
Many start-up businesses take out loans to get going, e.g. to purchase stock needed to sell, or to make the first rent payment or rent
Post pandemic, homeworking has become the norm, especially the increase in ‘hybrid’ working, i.e. spending part of the week at home and part in the
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