Claiming an Employment allowance could reduce the tax paid in your business. However, this relief can only be claimed by eligible businesses. What is an employment allowance? This is a tax relief that the revenue put in place to help support business owners that employ team members. Employers are usually required to pay employers national […]
Sole trading business is one of the common methods of setting up business in the UK. You can set up a business in the UK as a Sole trader. When this method, the taxpayer and the business are treated as the same person legally. Therefore personal tax is due on the profit made from the […]
THING YOU NEED TO DO TO GET TAX RELIEFS BEFORE THE TAX YEAR ENDS. Tax reliefs could be lost when taxpayers do not take certain actions before the tax year ends! In this blog, I would like to highlight one of the things that you need to do before the tax year ends on the […]
One of the methods of setting and running a business in the UK is by incorporating a limited company. The new company will be a resident in the UK by incorporation and all the worldwide income and gains will be taxable under the corporation tax. The company set up in the UK will pay corporation […]
If setting up a business in the UK is one of your plans for 2021, having more information could be helpful! In this blog, I have explained some of the methods that non-residents could set up their business in the UK. Setting up a permanent establishment in the UK. A permanent establishment is defined as […]
Determining when an individual is tax resident in the UK is very important. The reason is that it determines whether a taxpayer has to pay tax on its worldwide income. The treatment of UK resident or non-resident UK taxpayer doesn’t no change when income is earned in the UK. When income is earned in the […]
In recent times, earning income abroad has become very common in recent times. This is not just due to the recent pandemic but also the new business models that are used by most business. Its has become very popular and common to work and earn money from any part of the world. When does an […]
Travel for work is usually necessary to be able to earn a living and get the work done. In this blog post, I will be writing about when to claim travel expenses when employed. When to claim travel expenses when employed. If your work involves a lot of travel, most times your employer will pay […]
At times we rent a room in our home to lodgers so as to be able to get extra income from the use of an empty room. Usually, when you earn rental income in the UK, it is a taxable income. The taxpayer would have to declare this to the HMRC through the self-assessment regime. […]
Have you received a letter from HMRC you to report and pay loan charge? Brief introduction on 2019 loan charge. This anti-avoidance scheme was introduced because of tax loss to the revenue. Basically taxpayers that were affected were using a tax avoidance scheme to disguise their income to HMRC so as to pay little or […]
Tax credits in the UK can be very confusing,in this blog post I have answered some of the questions that are asked about tax credit benefit system in the UK. 1. What is working tax credit? Working tax credit is paid to support taxpayers that work and earn low income in the UK. It’s not […]
STAMP DUTIES REDUCED,MASSIVE TAX SAVINGS FOR NEW HOMEOWNERS This fantastic news was announced by the Chancellor to support the housing market. These changes will apply to new residential properties bought from July 8th to 31st March 2021. So, how did the stamp duty land tax affect new homeowners previously? When a taxpayer purchases land or […]
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