National Insurance is pretty complicated with all the different classes so below is a brief summary of the current NIC regime. All the rates mentioned below are for the 2020/21 tax year. What is National Insurance? NIC is a tax on earned income, it is divided into different classes. Class 1 is paid on employment […]
What is the difference between marriage allowance or married couples allowance? Although these allowances sound similar, the eligibility requirements are quite different. What is Marriage Allowance? Marriage allowance is a tax relief that allows a UK tax payer to transfer 10% of their personal allowance to their spouse or civil partner, in 2019/20 this is […]
Advisory Fuel Rates – VAT element If you are a VAT registered business, you can use HMRC’s advisory fuel rates to calculate the amount of VAT you can reclaim on the fuel element of business mileage. Advisory fuel rates are used to calculate: The amount of VAT your business can reclaim on business mileage […]
The majority of students leaving university will do so with an outstanding student loan. The media is full of information on the repayment threshold, interest rates and details of how it is repaid through your salary, but what happens if you are self-employed? As a contractor, freelancer or business owner your student loan payments will […]
If you are self-employed or you receive an income from dividends, property or investments you will need to complete a self-assessment tax return. A self-assessment tax return is prepared annually and must be submitted by 31 January following the end of the tax year (which ends of 5 April). Unlike an employee who pays tax […]
With over 40% of self-assessment tax returns expected to be submitted in January 2019, most people are focusing on filing their 2017/18 tax return on time. However, the 31 January also means that there are only 2 months left of the 2018/19 tax year. And with one month to go now, there is still some […]
We are now well and truly in to tax return season. As a tax advisor, everyone expects January to be my busiest time, but the majority of my clients actually bring their accounts and tax records in between November and December. This has led me to think about when you are frantically packing a year’s […]
As the 5 October deadline to register for self-assessment for the 2017/18 tax year rapidly approaching I thought this was the ideal time to give a quick overview of situations where you need to register for self-assessment tax. Some of the common reasons for needing to register for self-assessment are: You have income from self-employment […]
As the 31st January deadline looms, we recommend paying your self assessment tax bill early to avoid missing the deadline due to unforeseen circumstances. The payment amount due for 31st January is available on your tax computation. This is a link to the HM Revenue & Customs website which details the various ways in which […]
We are currently nearing the 31 July deadline for your second Payment on Account. But what does this mean and how does it work? Payments on Account are advance payments towards your self-assessment tax bill. Two of these payments are made each year, and each payment is half your previous year’s tax bill. They are […]
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