Being a landlord you have numerous responsibilities and managing your tax obligations is one of the most important things. Whether it is letting a single property or managing a portfolio, you have to file your tax return on time. That’s why we’ve put together a step-by-step guide on what you need to know to stay... View Article
In today’s gig economy, many people are turning their passions into profit. Whether you’re selling handmade crafts on Etsy, freelancing online, driving for Uber, or renting out a spare room through Airbnb — side hustles can be a great way to boost your income. But this extra income brings extra responsibility. It brings extra tax... View Article
If you miss a tax deadline or make a mistake with your numbers, you could face fines, extra charges, and a lot of stress. This blog gives you a simple checklist to help you avoid HMRC penalties — whether you’re self-employed, run a limited company, or just need to file a personal tax return. Know... View Article
While being an Uber driver means flexibility, it also has its fair share of financial responsibilities. Unlike traditional employees, Uber drivers are self-employed, which means they are responsible for reporting their income, filing a tax return, and claiming the deductions for which they are eligible. Now, they don’t have a clear understanding of tax rules. So,... View Article
Over the years, there has been a dramatic shift in the way people do their shopping and the COVID outbreak simply accelerated this trend, the trend of online shopping. As a result, more and more people are now coming up with ideas of starting an e-commerce business across the world and the United Kingdom is... View Article
The taxation of mutual fund proceeds received by UK residents from India has a significant impact on financial planning. The key question often revolves around whether to treat these proceeds as income or capital gains under UK tax laws.This determination depends on the nature of the fund, its classification under UK tax regulations, and whether... View Article
Driven by technological advancements, the tax landscape of the United Kingdom is undergoing a sea change. However, there are economic pressures that are tough to ignore. Amidst all these, it makes sense to have a clear idea of the future of UK taxation along with its present trends and possible future trends. If you are... View Article
Do you invest actively in shares or stocks? If yes, you may receive dividend payments quarterly, bi-annually or annually. This is quite awesome as a passive income source! Unfortunately, these are also taxable, but by understanding how taxation on dividends works, you can manage your investments and save some money. So, read the blog and... View Article
Under Pay As You Earn (PAYE) System employers are responsible to deduct both income tax & NIC from employees’ wages before they receive their pay based on the PAYE tax tables issued by HMRC. This system was first introduced in 1944. HMRC provides an unique tax code to every employee depending upon the earning of... View Article
Are you a self-employed professional or someone with a straightforward tax situation? If yes, you probably understand how daunting it can be to comply with your tax obligations. The constant need to file self-assessment tax returns, accurately report your income, and ensure timely payments can feel extremely challenging. However, here’s some good news! HMRC has... View Article
Do you file your tax returns yourself without any professional help? If yes, congrats! You wouldn’t believe it but you are among a few taxpayers who dare to do the same. The reason is that the UK tax system is extremely complicated. Also, navigating the same can prove to be very time-consuming. However, things can... View Article
In the UK, “Payments on account” are advance payments towards your tax bill for the current financial year. It also includes Class 4 National Insurance contributions for self-employed individuals. The due amount is calculated based on estimated assumptions and should be paid twice a year: one on 31st January and the other one on 31st... View Article
Do you run a charity? If yes, you may have heard of gift aid. It is a government initiative to help charities like yours to reclaim tax. It is also applicable for community amateur sports clubs (CASCs). Suppose an individual who pays his taxes regularly is donating £100 to your charity. In such a case,... View Article
Are you a UK taxpayer experiencing difficulty in navigating the complex tax landscape? Are you engaging in frequent tax discussions with your friends and colleagues? If yes, you may have already experienced that one specific term often pops up during these discussions. This is the marginal tax rate. Believe it or not, you must understand... View Article
With more people wearing casual attire, uniforms are disappearing in offices. You would not believe that Gen Z even chooses to leave their jobs if they are told to wear a work uniform. After all, they can’t compromise with comfort and self-expression. However, uniforms are still in practice in some industries. You may have seen... View Article
Are you a General Practitioner, dentist or physiotherapist working in the United Kingdom? Are you finding it tough to take care of your taxes while taking care of the well-being of your patients? In such a demanding job, it is not easy to have time to navigate the tax challenges without any help. However, developing... View Article
The start-up ecosystem has been changing in the last decade. This change is quite apparent in the UK landscape. Many start-ups with an unconventional business model or approach are flourishing, such as Freetrade, Pavegen, and Hokan, rewriting the rulebook. However, these start-ups are also facing some unique challenges. For example, one of the foremost challenges... View Article
While it is true that during this recession period, it is a lucrative idea to consider venturing into untapped markets, the challenges are many. Of course, if you have the right partner with a thorough knowledge of the dynamics of the local market, you may sail smoothly. However, one of the major challenges that will... View Article
Are you a freelancer, online business owner or a remote employee? If yes, you are a digital nomad who uses technology to work remotely from any location! Due to the pandemic, many professionals started working remotely with a reliable internet connection, and the best part is that they can have a work-life balance! Being a... View Article
In the dynamic business landscape, where greener initiatives are no longer just buzzwords but keystone of corporate responsibility, the intersection of tax law and environmental sustainability becomes a crucial route for businesses to explore. There is no doubt in this fact that the United Kingdom is seriously committed to sustainable development. For the same reason,... View Article
The world of entrepreneurship is uncertain. There can be exciting highs and daunting lows. As a UK-based entrepreneur or business owner, you have probably worked hard to build your business. So, to exit the same, seems unimaginable! Yet, due to declining profitability, severe health issues, or sometimes to pursue new ventures, you may too have... View Article
Are you scratching your head and wondering how you can save your hard-earned money from going into the hands of the taxman? Well, there is a clever tax trick that’s as British as a cup of tea! It is known as the Gift Hold-Over Relief. This means you are not required to pay any Capital... View Article
Are you soon going to retire from your service? If yes, congratulations because you will now have ample time to indulge in your favorite hobbies, but apart from exercising regularly to stay physically fit, you need to think more about managing your finances. You can reduce your tax liabilities to have a sustainable income to... View Article
In the recent years, the gig economy has grown rapidly in the United Kingdom. Workers in this industry are frequently referred to as “gig workers” or “freelancers”. Many people even quit their 9 to 5 jobs as they appreciate the freedom and flexibility that comes with this type of employment. This independence, however, brings with... View Article
While freelancing offers flexibility to those looking for a work-life balance, it also comes with some responsibilities. Currently, approximately two million people are working as freelancers in the United Kingdom. So, if you are also one among them, it is time to know that you need to understand the intricacies if the UK tax system... View Article
Unlike income tax which is a significant source of revenue for the UK government, council tax is for local authorities like County Councils, District Councils, Metropolitan Borough Councils, etc. The annual fee is collected to have funds so that they can provide essential services to the residents. Some of these services are waste collection, libraries,... View Article
Do you know that companies pay dividends to their shareholders (quarterly or annually) for their percentage in company shares as rewards whenever they make profits? Actually, many people just make investment in company shares to earn a regular income from dividends as these are mostly paid quarterly or annually. However, there are also some companies... View Article
What do you mean by a loss in parlance to the Income tax regulations? In the context of income tax, a loss is the amount by which an individual’s total allowable expenses exceed their taxable income in a given tax year. This means that the individual did not earn enough income to cover all of... View Article
Owning a property and renting it out for a steady source of monthly income makes you a landlord, but this also means that you may need to pay taxes and national insurance. Now, renting out a property jointly owned by you and your spouse, friend, family member, or partner qualifies you to pay the taxes,... View Article
On 22 November 2022, the Autumn Finance Bill was published and one of the key changes announced was the change in the income tax additional threshold. The threshold is now reduced from £150,000 to £125,140. This will become effective from 6 April 2023 to make sure that those having the highest incomes also contribute the... View Article
All proposals are free and non-binding
Click one of our contacts below to chat on WhatsApp
