Marriage Allowance: How to Claim
When assessing your liability to income tax, much will depend on the extent of any personal allowance that you’re entitled to claim for the relevant tax year. If you’re either married or in a civil partnership, your spouse or civil partner may be able to transfer part of their allowance to increase your tax-free threshold, […]
Tax Relief: How to Claim & Reduce Your Tax Bill
Understanding how tax relief works in the UK can help you to minimise the amount of tax payable on any income received as either an employed worker, or when working for yourself on a self-employed basis, helping you to maximise your take-home pay or net profit. While there are broadly similar principles in place when […]
Employers’ National Insurance Rates 2024
Meeting your obligations towards HM Revenue and Customs (HMRC) forms an important part of your duties as an employer in the UK. This includes payment of Employers’ National Insurance alongside your employees’ National Insurance Contributions (NICs). The following guide examines the rules relating to employers’ national insurance contributions, from what these are for and who […]
Employment Allowance: Save on Employer NICs
Running a small business in the UK comes with its own set of tax considerations. One helpful benefit for eligible employers is the Employment Allowance. If you’re liable to pay employers’ Class 1 National Insurance, eligible employers can reduce this liability by up to £5,000 per tax year. Below we look at the Employment Allowance […]
£40000 After Tax in 2024
£40,000 after Income Tax is deducted is £34,514, before National Insurance and any other relevant deductions are made. Combining Income Tax and NICs deductions, you are likely receive around £30,867 after tax on a £40,000 salary. This is however an estimate and can vary depending on your specific tax code and circumstances. In this guide, […]
Capital Gains Allowances & Reliefs 2024
The amount of capital gains tax (CGT) you pay can be reduced by using available capital gains allowances and reliefs. What is chargeable to capital gains tax? Capital gains tax becomes payable when the disposal of certain categories of asset leads to a profit, otherwise known as a ‘gain’. It is this gain […]
Self Assessment Deadline Reminder: 31 January 2024
Anyone required to file a self assessment tax return for the 2022/23 tax year must do so online by 23:59 on 31 January 2024 or risk a fine and 7.75% interest. Late filing & payment penalties Missing the deadline and filing your tax return late will result in a £100 penalty, even if you […]
How to Apply for a UTR Number
Applying for a UTR number forms an essential part of the self assessment process. If you come under the self assessment rules, but fail to register and file a tax return, you risk financial penalties. In this guide, we answer frequently asked questions about UTR numbers, including how to apply for a UTR number to […]
Working From Home Tax Allowance
In the UK, workers can claim a working from home tax allowance as a simplified way to cover expenses if you work for 25 hours or more a month from home. In this guide for employed and self-employed workers, we explain the rules on claiming What is the working from home allowance? If […]
HMRC Self Assessment: Tax Return Guide
Being self-employed carries with it a number of financial responsibilities, including the requirement to report your earnings to HM Revenue and Customs (HMRC) under the self assessment regime. It’s important to meet your obligations as a self employed individual to ensure you are paying the correct amount of tax and to avoid paying a penalty […]
UK Resident Receiving Inheritance From Abroad
If you have inherited money from overseas, you will need to check the tax position and whether there is a UK tax liability on the inheritance. The tax rules on receiving inheritance money from abroad can quickly become complex. In this guide, we look at when liability to UK tax on inheritance from abroad arises, […]
Can I Get a Mortgage if I’m Self Employed?
If you work for yourself, getting a self-employed mortgage can often be less straightforward than if you were employed – but it’s not impossible. Understanding your options and the criteria you’ll need to meet and prove will help you be prepared and get approved for a mortgage. The following guidance looks at the general criteria […]
Is It Illegal To Pay Employees Late?
Employers will want to avoid causing inconvenience and distress to their workforce by paying wages late. But what if your business is going through financial difficulties, and cashflow problems are impacting your ability to pay wages on time – could you face legal action if you pay your employees’ wages late? The law on paying […]
Retained Profit Advantages & Disadvantages
There are several advantages and disadvantages to using retained profit within a business. In this way you can assess for yourself, in the context of your own business, whether retained profits are the best way forward for you and your shareholders. In this practical guide, we explain the rules, pros and cons of retaining profit […]
Fire Safety Regulations (Employers’ Guide)
Employers are legally required to carry out a fire risk assessment in the workplace and put resulting fire safety measures in place to ensure the safety of their workers and the general public in the case of a fire. This requirement is in accordance with the Regulatory Reform (Fire Safety) Order 2005 in England and […]
Manual Handling Regulations (A Guide)
By law, employers have to take all reasonable steps to ensure the health and safety of their workforce. In particular, manual handling is dealt with under specific legislation, which employers must comply with or risk penalties. What are the manual handling regulations? The Manual Handling Operations Regulations (MHOR) 1992, later amended by the Health […]
How Do National Insurance Contributions Work?
National Insurance Contributions are a deduction that the majority of employees and workers will be accustomed to seeing on their payslips, and a mandatory tax payment that the majority of employers and the self-employed will be accustomed to paying. Still, many of us will not be familiar with how this is calculated and how much […]
Voluntary National Insurance Contributions
Gaps in your National Insurance record can leave you ineligible for a State Pension and certain benefits. You may be able to fill these gaps by making voluntary National Insurance contributions. Under current rules, you have until 5 April 2025 to ‘buy back’ any missing national insurance years from 2006 to 2016 using voluntary national […]
Overtime Pay: Advice for Employers
Calculating overtime pay and holiday entitlement can quickly become complicated for employers. In this overtime pay guide, we will help you understand employees’ rights and your obligations relating to UK overtime laws. What counts as overtime? Typically, an employee will be contractually required to work a fixed number of hours per week in […]
Downsizing Relief: Cut Inheritance Tax Bill
Downsizing relief can offer homeowners an effective way to lower inheritance tax (IHT) liability, by moving to a smaller home. In this guide, we look at what downsizing relief is, how it works and who can claim it. What is downsizing relief? Downsizing relief is a form of tax relief that can enable […]