When you’re planning for retirement, putting money into a private pension doesn’t just help you save for the future but it can also lower the amount of tax you pay each year. Whether you’re self-employed, run a business, or work for a company, you must know how pension contributions affect your taxes is an important.... 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
Effectively managing capital gains tax (CGT) on residential property can make a significant difference when selling your home or investment property. This article focuses on utilising Private Residence Relief (PRR) and Letting Relief to optimise your tax position. Whether you’re dealing with capital gains on main residence or calculating capital gains tax on your primary... View Article
A new year is about to begin and with the same, there is another chance to set new goals and develop good habits. However, for UK taxpayers, the end of the year means it is time to file their self-assessment tax returns before the scheduled deadline of January 31st. After all, not even your last... View Article
Do you have any empty property? If you have any then you may still have to pay council tax for it. Paying council tax on an empty property depends on certain circumstances. Usually the amount payable as council tax against your empty property depends on your local authority. Sometimes you may get a discount on... View Article
Do you remember the old school days when your teacher used to call you by your roll number? In your class, that roll number was obviously your unique identifier. Of course, if you have been a topper, things were different. Think of UTR as your unique identifier in the UK tax system. It is a... View Article
In a technology-driven world, managing taxes has become easier than we thought. One of the significant reasons behind this is the rise of the Internet, which allows taxpayers to file their self-assessment tax returns online. With the wide reach of mobile devices, most taxpayers have adopted this method. Although there are various benefits, here are... View Article
According to the January 2021 estimations of the HMRC, nearly 1.8 million taxpayers missed the deadline for filing their self-assessment taxes. No wonder, every year HMRC makes millions from those filing late as those who are late have to pay hefty penalties. Don’t even think you can get away after late filing as the HMRC... View Article
Are you running a business and always stressed about expenses? You are probably not alone! Even landlords and employees feel stress when it comes to paying high taxes, but you will be glad to know that you can decrease your tax liabilities. Gladly, the government gives you ample opportunities to save your hard-earned money by... View Article
Recently, HMRC’s decision to temporarily close its Self-Assessment Tax Helpline from 12 June 2023 to 4 September 2023 has created a lot of anxiety among UK taxpayers who rely heavily on this helpline for guidance and getting genuine answers to their tax queries. During this period, their questions related to self-assessment will be directed towards... View Article
The tax system in the UK is made up of five taxes- income tax, corporation tax, VAT (Value Added Tax), Capital Gains Tax (CGT), and National Insurance Contributions (NIC). While the income tax is levied on annual income, the Corporation tax is a business-level tax. Now comes the Value-added tax on purchased items and Capital... View Article
Are you living in the UK and thinking about running a limited company? Well then, learning how to file company tax returns is fundamental for this. If you’re interested to learn about pertinent information related to filing company tax returns in the UK, just read on. The CT600 form (company tax return) is filed by... View Article
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