Comprehensive VAT UK Guide for Businesses
Value Added Tax (VAT) is a consumption tax levied on most goods and services in the UK. Businesses that meet certain thresholds are required to register for VAT, charge it on their sales, and pay it on their purchases. For most businesses, VAT is an integral part of financial operations, as they are responsible for […]
UK Employment Taxes: A Guide for Employers
Employment taxes in the UK encompass a range of different types of taxation and deductions that employers are legally required to manage on behalf of their employees. As an employer or payroll manager, understanding these taxes is essential not only to ensure compliance with UK law but also to avoid potential penalties and financial discrepancies […]
Understanding UK Taxes for Expats and Non-Doms
Expats and non-doms are currently subject to specific tax rules and treatment in the UK. This is because an individual’s obligation to pay personal taxes in the UK is primarily influenced by their tax residency and domicile status. Other significant factors include the location of their assets (where they are situated for tax purposes) and […]
Inheritance, Trusts & Estate Planning: UK Tax Guide
Effective estate planning can help ensure your wealth and assets are distributed according to your wishes while minimising tax liabilities and preventing potential legal disputes. Understanding the specific tax implications and legal requirements surrounding inheritance and trusts is essential to making informed decisions and optimising your estate plan. In this comprehensive guide, we take an […]
Claiming Capital Allowances
Capital allowances in the UK allow businesses to claim tax relief on certain purchases, to reduce tax liability while allowing the business to benefit from the capital investment. Understanding what constitutes qualifying expenditure and what this means in terms of tax savings can make a real difference to your business. However, the capital allowances regime […]
Understanding UK Capital Gains Tax Rules
Capital Gains Tax (CGT) is the tax you pay on any profits arising from the sale or disposal of an asset that has increased in value. In the UK, CGT applies to various types of assets, including property, shares and business assets, and can be applicable to individuals, trusts and certain types of organisations. Taxpayers […]
Corporation Tax in the UK: A Guide for Businesses
Compliance with UK corporation tax regulations helps businesses optimise their financial strategies while avoiding penalties and legal issues. The UK’s tax landscape is characterised by a range of reliefs, incentives, and compliance requirements that businesses must navigate to minimise their tax liabilities and avoid penalties. While the tax rates and rules can seem daunting, understanding […]
Guide to Paying Corporation Tax in the UK
Corporation tax is a tax levied on the profits of companies operating in the UK. It’s a fundamental component of the UK tax system and a significant source of revenue for the government. Companies, including limited companies, foreign companies with UK branches, and certain unincorporated associations, are liable to pay corporation tax on their profits. Understanding how corporation tax works, including the […]
Comprehensive Guide to UK Business Taxes 2024
Compliant and effective management of your business tax obligations will help you avoid hefty fines and penalties and provide a stable foundation for your organisation’s financial health. This comprehensive guide aims to demystify the various business taxes in the UK. From Corporation Tax to the Construction Industry Scheme (CIS) and from Capital Gains Tax to […]
PAYE For Employers: Manage Company Payroll
PAYE (Pay As You Earn) is a system used in the UK to collect income tax and National Insurance contributions (NICs) from employees’ wages. As an employer, understanding PAYE is crucial for managing your payroll and tax obligations. PAYE for employers can quickly become complex. But provided you understand HMRC’s rules and your obligations, you […]
Tax on Reselling & Side Hustles
Most of us have sold something online using the likes of Ebay, Vinted or DePop. But do you know if you have to pay tax on the money you made? UK tax rules on online selling, reselling or trading will depend largely on how active you are as a seller and how much profit you’ve […]
Personal Tax Allowance 2024
Every taxpayer in the UK has a personal tax allowance. Whether you’re an employee checking that you’re being paid correctly, or you’re self-employed and wanting to know how much to set aside for your annual self-assessment tax bill, it’s important to understand how your tax liability is calculated. Your personal tax allowance is a key […]
Emergency Tax Code Guide for Employers
Ensuring that new employees are registered to pay tax forms an important part of an employer’s role in fulfilling their obligations to HMRC. This includes how and when to use emergency tax codes for new starters. In this guide for employers, we explain the emergency tax rules, how they work, how to use them and […]
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 […]
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 […]