Month: January 2024

Whether you are a property investor or work in a firm, you need to pay income tax on your earnings. When reporting your income and paying tax to HMRC, make sure you know which income tax band you fall into. Fortunately, you have the benefit of a personal allowance. This means that you can earn […]

As a business owner, it is important to know about the tax implications on your goods and services. Not only does VAT affect businesses, but every individual that purchases either one of these. To a consumer, the price is simply inclusive of VAT. However, for a business, it is a complex process involving registering with […]

By saving money, you can have peace of mind as it improves your financial security. It also helps you in planning your future. When you place your money into a savings account, you do so with the hopes to grow it tax-efficiently. You may wonder if you must pay tax on the interest you earn […]

As a self-employed individual, you pay income tax on your taxable earnings. Whether you are a contractor, sole trader, or freelancer, you owe tax. In this case, you must calculate and pay the tax you owe through self-assessment. It is crucial to make sure that you pay the correct amount of income tax. By claiming […]

Undoubtedly, it is a major undertaking to hire employees and run a business in the UK. One of the most important tasks you must perform is to manage payroll. Do not forget that you must also navigate employment regulations. Dealing with all this can feel overwhelming. To manage your workforce effectively, you need to comprehend […]

As a property owner, you need to understand how tax applies to your rental income. If you are married, then you have certain benefits. The rules of tax are slightly different in this case, as you can transfer your rental income to your husband or wife. This guide will cover everything you need to know […]

In a tax year, you may make a profit on your asset on which you must pay capital gains tax. In certain situations, you may end up making a loss on your asset. If that happens, then the rules are different and more complex. So, what do you do with this loss? This guide will […]

Are you planning for your retirement? Then you may wonder if your state pension is subject to tax. Or if you need to pay tax on any of your pensions. Since the pension you receive falls under the category of income, you owe tax on it. It is important to understand the tax implications of […]