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 […]
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 […]
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 […]
Bounce back loan scheme was introduced to support businesses going through hard times due to the Coronavirus. This loan is backed by HMRC through the British business bank 100%. The reason why they introduced this loan is that the Coronavirus interruption loan was backed up only 80% was not accessible to business struggling due to […]
Most of the time when we receive our payslip, we do not understand the money that we have been paid or how our net income has been calculated. So, in this blog post, I would like to explain how a taxpayer can decode their payslip. There are various factors that could determine the net income […]
Claiming the use of home as an expense can reduce the tax that a business owner pays or enable an employee to receive tax refunds from HMRC. If you would like to read more on how to calculate the use of home as an expense kindly click. How to claim this expense as a business […]
A lot of business owners and employees are currently working from home due to the Covid 19 pandemic and government advice. In this blog, I have explained the expenses that you could claim to help you to reduce your tax on profit from your business or to enable you to claim tax refund as an […]
The pandemics Convid-19 has been one affecting a lot of business in the UK. The uncertainties about how long it would continue to affect business owners or the effect afterwards are scary. The Chancellor announcing that small business owners in the UK could receive up to £10,000 grant from the revenue at these trying times […]
Furloughed employees are employees that they face losing their jobs due to the employer’s inability to pay their salary due to ongoing pandemic. These employees would be facing the risk of being laid off by their employers since they can’t afford to pay their wages any longer. Good news to furloughed employees It was therefore […]
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