Over 15% of the working UK population is self-employed and uses HMRC’s Self Assessment system to pay their tax bill. Such taxpayers need to be aware that they are now expected to make twice yearly ‘payments on account’ to their tax account, and the next deadline is coming up very soon at the end of July.
There are different ways in which individuals who donate to charity can do so tax-free which benefits them and their chosen charity.
HMRC enquiries into a business can cause considerable upheaval. Here we look at how you might be able to minimise any disruption. After all an HMRC enquiry doesn’t always mean that something is wrong, it could be the result of a random selection.
So you patted yourself on the back for filing your 2017/18 self-assessment tax return by 31 January 2019 which has long gone but horror of horrors you’ve just realised you made a mistake. Here we look at your options
Employees often incur expenses in doing their job – this may be the cost of a train ticket or petrol to visit a supplier, or purchasing stationery or small tools which are used in their job.
The UK tax system contains a number of allowances which enable individuals to enjoy income and gains tax free. In seeking to maximise your tax-free income, it makes sense to take advantage of available allowances. The following are a selection of some of the allowances on offer.
The marriage allowance can be beneficial to married couples and civil partners on lower incomes. Claiming the marriage allowance is worth up to £238 in 2018/19 and £250 in 2019/20.
People are often confused about whether tips and gratuities are taxable and subject to National Insurance Contributions (NICs), here we take a look at HMRC’s application of the relevant legislation.
Creative industry tax reliefs are a group of 7 Corporation Tax reliefs that allow qualifying companies to claim a larger deduction, or in some circumstances claim a payable tax credit when calculating their taxable profits.
We thought we’d go back to basics with one of our ‘how to guides’ this time looking at surviving HMRC investigations.