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are musical instruments tax deductible

Are Musical Instruments Tax Deductible?

28/02/2024tax

Are musical instruments tax deductible? In the UK, musicians can take advantage of various tax deductions to offset the cost. This is off their musical equipment, repairs, and production equipment. These tax deductions can help reduce the tax bill that musicians owe and make it easier to pursue their musical careers. In this discussion, we …

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how much can i claim for laundry expenses

How Much Can I Claim for Laundry Expenses in the UK

26/02/2024Accountants , Budgets & Other , Business , Business Growth Ideas

Are you wondering how much can i claim for laundry expenses? Laundry expenses can be a legitimate business expense for self-employed individuals and certain types of businesses in the UK. However, the rules and regulations surrounding the deductible cost of these expenses can be complex and confusing. The purpose of this discussion is to provide …

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why marketplaces need accountants

Why MarketPlaces Need Accountants?

22/02/2024Accountants , Accounting

Why marketplaces need accountants? The rise of online marketplaces has led to a significant shift in how businesses and consumers interact. It creates new growth opportunities for marketplace companies in the UK. Marketplace companies have emerged as one of the fastest-growing industries in the world. However, the success of marketplace companies hinges on their ability …

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why freelancers need accountants

Why Freelancers Need Accountants?

14/02/2024Accountants , Accounting , Accounting Issues

Why do freelancers need accountants? Freelancing has become an increasingly popular employment in the UK over the past few years. This growth is largely driven by the increasing demand for flexible, remote work arrangements and the rise of the gig economy. Accountants can provide valuable expertise and advice on taxes, accounting, financial planning, compliance, and …

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pension scheme for self-employed

What is the Best Pension Scheme for Self-Employed?

12/02/2024Finance

This discussion is based on a pension scheme for the self-employed. Self-employed people in the UK have a wide range of pension options, and choosing the best one can be challenging and confusing. The choice of pension scheme will depend on various factors, including the individual’s personal circumstances, retirement goals, investment experience, and risk tolerance. …

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what is p45

What is a P45 and Why is it Important?

01/02/2024tax , Tax Issues , Taxation

What is P45?  The P45 form contains information about the employee’s tax and National Insurance contributions during their employment and is essential in ensuring that the employee’s tax and National Insurance contributions are accurate and up-to-date. This form is an important document for employees in the UK, as it provides accurate and up-to-date information about …

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why production houses needs bookkeepers

Why Production Houses Needs Bookkeepers in the UK?

30/01/2024Accountants , Accounting , Accounting Issues , Bookkeeping

Production accountants are responsible for managing the financial aspects of production projects in production houses in the UK. This article is based on the discussion about why production houses need bookkeepers. We will explore some key skills and expertise that production accountants need to excel in their roles. We will also discuss the individuals and …

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what is enterprise investment scheme

What is the Enterprise Investment Scheme?

29/01/2024Business , Business Growth Ideas

Wondering about what is enterprise investment scheme? EIS has become increasingly popular in recent years as more individuals and businesses recognise the potential benefits of investing in innovative companies with high growth potential. With the EIS, investors can qualify for tax relief of up to 30% of their investment, making the investment process more attractive …

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what is Carers Allowance

What is Carer Allowance?

25/01/2024Dividend Allowance

Today we will be discussing what is Carers Allowance, a benefit available in the UK to those responsible for providing care for someone who cannot look after themselves. Carers Allowance is an incredibly important benefit for those who provide vital care and support to others. It is designed to help those who qualify with modest …

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what is chaps payment

What is a CHAPS Payment?

22/01/2024Business

If you are wondering about what is CHAPS, we can begin by saying that it is an electronic payment system used in the UK to facilitate the transfer of funds. CHAPS stands for Clearing House Automated Payment System and was launched in the UK in the mid-1980s. It allows for the safe and efficient transfer …

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what is bacs payment

What is BACS Payment?

16/01/2024Accountants , Accounting , Budgets & Other

If you are seeking What is BACS Payment? In this guide, we will focus on BACS payment which is a widely used electronic transfer system in the UK that allows individuals and businesses to make recurring payments, such as utility bills, mortgage and loan payments, and membership fees. With BACS payment, the customer’s bank account …

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what is tax relief

What is Tax Relief?

09/01/2024tax , Tax Issues , Tax News and Tips , Taxation

Let’s kick off our discussion on what is tax relief. It’s a topic that can have a big impact on your finances, so it’s great that you’re interested in learning more. Tax relief is essentially a way to reduce the amount of tax you owe by deducting certain expenses or contributions from your taxable income. …

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is there vat on food

Is There VAT on Food?

08/01/2024tax , Tax Saving Tips , VAT

Let’s dive into the topic of whether is there VAT on food in the UK. VAT stands for Value Added Tax, which is a consumption tax applied to goods and services in the UK. When it comes to food, the VAT treatment can vary depending on the type of food and how it is sold. …

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What is Triple Lock State Pension?

What is Triple Lock State Pension?

05/01/2024Finance , Pension

Are you wondering facts about what is triple lock state pension in the UK? The triple lock ensures that the state pension increases each year by the highest of three factors: inflation, average earnings growth, or 2.5%. This policy has been a subject of debate due to concerns about its sustainability and affordability. The government’s …

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what is government gateway

What is Government Gateway?

04/01/2024Accounting

Let’s dive into the introduction of our discussion about the what is government gateway in the UK. The Government Gateway was a fantastic platform that aimed to simplify access to various government services. It served as a centralised hub where individuals and businesses could conveniently access services like tax filing, benefits management, company registration, and …

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what is share capital

What is Share Capital?

03/01/2024Business , Business Growth Ideas

Let’s dive into the topic of what are the advantages of share capital in the UK. Share capital can be increased through methods like rights issues or public offerings, while a reduction in share capital can be done through share buybacks or capital reductions. The regulations and requirements surrounding share capital in the UK are …

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what is trade credit

What is Trade Credit?

02/01/2024Business

Let’s dive into the topic of what is trade credit and why it’s such a crucial aspect for small businesses in the UK. Trade credit refers to the practice of allowing businesses to purchase goods or services from suppliers and defer payment for a specified period. It’s like a financial lifeline that provides flexibility in …

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what are swaps

What are Swaps? Definition, Types and its Advantages

01/01/2024Finance

Let’s kick off our discussion on what are swaps in finance. Swaps are financial contracts that allow two parties to exchange cash flows or risks based on predetermined terms. They are widely used in the financial industry to manage various types of risks, such as interest rate risk, currency risk, and credit risk. Swaps provide …

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is state pension paid in arrears

Is State Pension Paid in Arrears?

29/12/2023Uncategorised

Let’s dive into the topic of whether is State Pension paid in arrears. So, when it comes to paying State Pensions in arrears in the UK, it is indeed advantageous in several ways. This means that the payment is made after the end of the period for which it is due. It’s important to understand …

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what is credit control

What is Credit Control?

29/12/2023Accountants , Accounting , Business , Pricing Method

Let’s dive into the world of what is credit control in the UK. Credit control is a vital aspect of financial management for businesses across various industries. It involves implementing strategies and practices to ensure timely payment from customers and minimise the risk of bad debts. Effective credit control helps businesses maintain a healthy cash …

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how shared parental leave works

How Does Shared Parental Leave Work?

28/12/2023Uncategorised

Let’s dive into the discussion about how shared parental leave works in the UK. Shared parental leave is a progressive policy that aims to promote gender equality and support working parents in balancing their careers and family life. This means that instead of the traditional maternity leave, both parents have the opportunity to take time …

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what are stakeholder in business

What are Stakeholders in Business?

28/12/2023Business , Business Growth Ideas

Let’s dive into our discussion about what are stakeholders in business. In the world of business, stakeholders play a vital role in shaping the success and direction of a company. But who exactly are the stakeholders? Well,  stakeholders are individuals or groups who have a vested interest or influence in a business. So, in this …

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is there VAT on train tickets

Is There VAT on Train Tickets?

28/12/2023VAT

Let’s dive into the discussion about whether is there VAT on train tickets. Value Added Tax (VAT) is a consumption tax that is applicable in many countries, including the UK. When it comes to train tickets, the application of VAT can be a bit complex. In general, most standard train tickets are exempt from VAT. …

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what is lettings relief

What is Lettings Relief?

28/12/2023Business , Finance , Insurance

Let’s kick off our discussion about what is lettings relief. It’s an important topic to explore if you’re considering selling a property that you once lived in as your main residence but later rented out. Lettings relief can be a valuable tax-saving strategy that helps reduce your capital gains tax liability. By understanding the ins …

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how to claim VAT on insurance

How to Claim VAT on Insurance?

20/12/2023VAT

Let’s dive into the topic of how to claim VAT on insurance. It’s an interesting area that involves understanding the complexities of VAT regulations and how they apply to insurance expenses. VAT, or Value Added Tax, is a consumption tax that is charged on most goods and services in the UK. When it comes to …

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what is an intangible asset

What is an Intangible Asset?

19/12/2023Business , Business Growth Ideas

Let’s dive into the fascinating world of what is an intangible asset. In the realm of finance and accounting, tangible assets are physical resources that hold value and contribute to a company’s operations. By understanding tangible assets, we can gain a deeper understanding of a company’s financial health, its ability to generate revenue, and its …

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can you pay vat in instalments

Can You Pay VAT in Instalments?

18/12/2023VAT

Let’s dive into the topic of whether can you pay VAT in instalments. It’s a common concern for businesses looking for more flexibility in managing their VAT obligations. Paying VAT in instalments refers to the option of spreading out your VAT payments over some time, rather than paying the full amount in one go. This …

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what is fair value accounting

What is Fair Value Accounting? Definition, Method and Difficulties

14/12/2023Accountants , Accountants for Contractors , Accounting , Accounting Issues , accounting software , Bookkeeping

Let’s dive into our discussion about what is fair value accounting. It’s an accounting approach that’s gaining traction in the UK and globally. Fair value accounting involves valuing assets and liabilities based on their current market prices, providing a more accurate reflection of their true worth. This method enhances transparency and relevance in financial reporting, …

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what is an insolvency practitioner

What is an Insolvency Practitioner?

12/12/2023Accountants

Let’s dive into the world of insolvency practitioners, what is an insolvency practitioner, and how they can be a game-changer when it comes to dealing with financial challenges. When you find yourself in a tough spot financially, it can be overwhelming and stressful. That’s where insolvency practitioners come in. These licensed professionals are experts in …

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what is forensic accounting

What is Forensic Accounting? Auditing vs Forensic Accounting

11/12/2023Accountants , Accounting , accounting software

Let’s dive into the discussion about what is forensic accounting. It goes beyond traditional accounting practices by focusing on the detection, prevention, and resolution of financial crimes. In today’s complex business landscape, where financial fraud and misconduct can have severe consequences, forensic accountants play a vital role in protecting organisations and ensuring financial integrity. They …

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what is the 45p tax

What is the 45P Tax?

07/12/2023tax , Tax Issues , Tax Saving Tips , Taxation

If you are wondering about what is the 45p tax, we have got you covered with the basics in this guide. Tax rates play a significant role in a country’s economy and the overall financial landscape. In the UK, the 45p tax rate applies to individuals earning above a certain income threshold. This higher tax …

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accruals and prepayments

Understanding the Concept of Accruals and Prepayments

06/12/2023Accountants , Accountants for Contractors , Accounting

Let’s dive into the world of accruals and prepayments. These two concepts are fundamental in the realm of accounting and play a crucial role in accurately reflecting a company’s financial position and performance. Accruals and prepayments help address the timing and recognition of revenues and expenses, ensuring that they are properly recorded in the appropriate …

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What is Materiality in Accounting

What is Materiality in Accounting? (Definition & Example)

05/12/2023Accountants , Accounting

Let’s dive into the introduction of our discussion about what is materiality in accounting. Materiality is a principle in financial reporting that helps determine what information should be included in financial statements. It focuses on identifying and disclosing information that is significant enough to influence the economic decisions of users. Materiality serves as a guiding …

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can you claim vat on staff entertainment

Can You Claim VAT on Staff Entertainment?

04/12/2023Accountants , VAT

Are you wondering whether can you claim VAT on staff entertainment or not in the UK? VAT stands for Value Added Tax, which is a consumption tax added to the price of goods and services. Value-added tax happens to be a little complex when we talk about the entertainment of the staff members. We need …

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what is an inherent risk

What is an Inherent Risk?

30/11/2023Accounting

Seeking about what is an inherent risk? Well, inherent risk is a fundamental concept in auditing that refers to the level of risk associated with a business or activity even before considering any internal controls or audit procedures. It is influenced by various factors that can impact the accuracy and reliability of financial statements. These …

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how does Company Share Option Plan work

What Can I Do With My Company Share Option Plan?

23/11/2023Business

By implementing a Company Share Option Plan, you can incentivise your employees, reward their hard work and commitment, and align their interests with the success of the company. However, it’s important to familiarise yourself with the eligibility criteria, limitations, and regulations that come with setting up a CSOP. Consulting with legal and financial professionals will …

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Tax E-News – Autumn Statement 2023

Tax E-News – Autumn Statement 2023

23/11/2023Tax News and Tips

On 22 November 2023, Chancellor Jeremy Hunt presented his Autumn Statement to Parliament and started making, in his words, the long-term decisions necessary to strengthen the economy and build a brighter future. Fueled by falling inflation and stabilised public finances, focus is now being applied to reducing debt, cutting tax and rewarding hard work. Headlines …

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Community Investment Tax Relief

What is Community Investment Tax Relief (CITR)?

22/11/2023Accounting , tax , Taxation

Community Investment Tax Relief is a fantastic initiative that allows individuals and companies to invest in eligible community organisations and receive tax relief in return. It’s all about supporting community development while enjoying some benefits along the way. Whether you’re an individual looking to make a positive impact or a company interested in supporting social …

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what is an audit exemption

What is an Audit Exemption?

17/11/2023Accounting

In this guide, we will dive into details about what is an audit exemption. We will explore the concept of audit exemption and how it impacts businesses. Audit exemption refers to the ability of certain companies to be exempted from the requirement of a formal audit based on specific criteria and thresholds. We will also …

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employers liability insurance

How Much Does Employers’ Liability Insurance Cost?

16/11/2023Insurance

Any business owner needs to understand employers liability insurance, it provides coverage for claims made by employees who have suffered injuries or illnesses as a result of their work. It’s designed to protect employers from potential financial losses due to compensation claims. This type of insurance is crucial because workplace accidents or illnesses can happen, …

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why is accounting important in healthcare

The Importance of Accounting in The Healthcare Industry

15/11/2023Accountants , Accountants for Contractors

Let’s dive in and talk about why is accounting important in healthcare. In the ever-evolving field of healthcare, managing finances is no easy task. Healthcare organisations face unique challenges when it comes to accounting and financial management. They deal with complex financial data, including revenue, expenses, reimbursements, and more.   Talk to one of our …

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What are Pensionable Earnings

What are Pensionable Earnings and How Do I Calculate them?

14/11/2023Pension

Wondering about what are pensionable earnings? In the UK, pensionable earnings refer to the types of income that are taken into account when calculating the contributions made to a workplace pension. These contributions are typically a percentage of your earnings that go towards building your pension pot for the future. When it comes to which …

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parent learning allowance

What is Parent Learning Allowance?

13/11/2023Dividend Allowance , employment allowance

This discussion revolves around the financial support provided to parents in the form of parent learning allowance, who are pursuing higher education. The Parents’ Learning Allowance acknowledges the unique challenges faced by parents who strive to balance their parental responsibilities with the pursuit of academic goals. By offering financial assistance for expenses such as childcare, …

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what is innovator founder visa

What is Innovator Founder Visa?

10/11/2023Business

In this guide, we will kick off this discussion by talking about the Innovator Founder Visa. This visa opens up incredible opportunities for ambitious entrepreneurs like yourself who are looking to establish and develop their business ventures in the UK. With this visa, you can bring your entrepreneurial vision to life, work on your business, …

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Do cosmetic clinics have to pay VAT

Do Cosmetic Clinics have to Pay VAT?

10/11/2023Tax News and Tips , VAT

Are you a cosmetic clinic owner wondering whether you have to pay VAT on your services? Then this blog is for you. When you’re employed in a cosmetic clinic in the UK, staying informed about industry-specific regulations is essential. HMRC enforces distinct sets of rules tailored to each sector, and non-compliance can result in fines …

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what is a P14 form

What is a P14 Form?

09/11/2023Business

If you are looking for a guide on the P14 form, this guide is based on a discussion of everything that will answer your basic queries. Whether it’s the standard P14 form or a substitute form, it’s important to understand its purpose and how it fits into various schemes like PAYE and CIS. So, let’s …

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LP10 letter

What is an LP10 Letter and How to Get it?

30/10/2023Sole Trader

Are you looking for more information on the LP10 or the Lorimer letter? Read this blog till the end. The LP10 letter was introduced first in 1993 as a way to allow freelancers to be considered self-employed. It encompasses many benefits to the holder by reducing the tax. But what exactly is it, and how …

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Mortgage interest restriction

What is the Mortgage Interest Restriction in the UK?

27/10/2023Landlord

Are you a landlord wondering how the Mortgage Interest Restriction (MIR) affects your taxes? Read this blog till the end. MIR is a policy that was introduced by the UK government in 2017. It was gradually applied over the next 4 years to give the landlords time to adjust to the changes. It affects your …

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pension annual allowance

Annual Pension Allowance: How It Works?

23/10/2023tax , Tax Issues , Taxation

The Annual Pension Allowance is one of the most confusing terms. People are generally not sure what it means, let alone its implications. But don’t worry, this blog will make everything crystal clear. In this blog, we will provide our readers with a clear definition of the Annual Pension Allowance. In addition, we will provide …

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tax-advantaged share schemes

What are Tax-Advantaged Share Schemes in the UK?

20/10/2023tax , Tax Saving Tips , Taxation

Tax-advantaged share schemes have become popular for businesses in the UK. These schemes incentivize employees with tax benefits to purchase shares in the company. But there are multiple schemes, and if you want to implement one, read till the end. This blog will provide our readers with essential information on all tax-advantaged share schemes. We …

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how xero works for your business expansion

How Xero Works for Your Business Expansion?

20/09/2023Accountants , Accountants for Contractors , Accounting , Accounting Issues , accounting software

Are you new to Xero and aim to learn how Xero works for your business expansion? This discussion will explain various facts related to expanding your business, including using Xero to expand geographically and target new customer segments. We will also discuss strategies such as setting up Google My Business, optimising existing content, and improving …

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SA106 form

What is an SA106 Form?

28/08/2023Accountants

If you are struggling with the submission of tax returns, here is a guide that will help you with the SA106 form focused on its importance for individuals who pay their tax returns online in the UK and have foreign income or gains to report. The need to accurately fill out the SA106 form and …

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benefits of hiring contractor accountant

6 Benefits of a Contractor Accountant

16/08/2023Accountants

Looking for the benefits of hiring a contractor accountant in the UK, we have designed this blog to get you covered with everything that you need. A contractor accountant can be a valuable asset for your business. They can help you navigate UK tax laws, reduce the risk of errors, and meet strict deadlines. Moreover, …

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claim pension credit

How to Claim Pension Credit?

10/08/2023Pension , Personal Tax

If you are seeking facts relevant to pension credit benefits in the UK, this is the right page for you. As this guide will hold a discussion about how to claim Pension Credit in the UK. How to apply, how you can contact the Pension Service and they’ll guide you through the process. Moreover, you …

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disbility living allowance

How Much is Disability Living Allowance?

26/07/2023Finance

Disability Living Allowance (DLA) is known to be a benefit that is available in the UK to help with the extra costs you have to handle as a part of living with a disability or long-term health condition. It is made in order to provide financial support to people who need help with their care …

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DWP XB

What Does DWP XB Mean?

20/07/2023Business , employment allowance

The primary role of DWP XB is to help get the Christmas bonus in the month of December every tax year in the UK. However, the term DWP XB commonly confuses several people which makes them require what is the specific meaning of it. Well, Christmas bonus is a regular word used for XB. However, …

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VAT on car parking

Is There VAT on Car Parking?

18/07/2023tax , Tax Issues , Taxation , VAT

There are several individuals who are residing in the UK and wondering as a beginner whether there is VAT on car parking in the UK or not. In simple and swift work, we can say that there is VAT applicable on the parking of cars and the scenario does not change because of the circumstances …

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capital employed

What is Capital Employed?

11/07/2023employment allowance , Finance

Capital employed is a kind of matric that is financial and finds out how much money a company has invested in its operations. It is calculated by subtracting current liabilities from total assets, which gives you the exact idea that how much money a company has invested to keep its operations going. It is an …

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benefit fraud

How are Benefit Fraud Caught?

10/07/2023Business , Finance

By benefits fraud, we mean cases where individuals attempt to claim the advantage of the benefits that they are not even entitled to in the UK. This could involve giving or passing on the wrong information or required details and not reporting to HMRC when it come to a change of your circumstances. In this …

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trade payables

What are Trade Payables?

23/06/2023Business Growth Ideas , Finance

You can be dealing with any sector of the business, you will have to deal with suppliers or vendors at one point in your business journey. This is because businesses have to rely on vendors or suppliers in order to make the products or the services offered to their customers. This will also involve the …

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employment allowance

What is Employment Allowance?

12/06/2023employment allowance

The new business owners are more and more inclined towards the employment allowance and how to maximise the benefits by getting eligibility for this allowance. This guide is based on the relevant and frequently asked queries about what is employment allowance, what is the eligibility criteria to claim the employment allowance, how will it work …

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Tax E-News – Budget Special

Tax E-News – Budget Special

16/03/2023Tax News and Tips

On 15 March 2023, Chancellor Jeremy Hunt presented his first Budget to Parliament and set out a plan to reduce inflation, grow the economy and get government debt falling all whilst avoiding a recession and tackling labour shortages. Below we set out some of the main points.   Cost Of Living Support Energy Costs The …

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VAT on commercial vehicles

Claiming Back the VAT on Commercial Vehicles

16/01/2023tax , VAT

There are several businesses that have a clear understanding of how they can reclaim VAT on commercial vehicles. This is because the VAT input is allowed for commercial vehicles and it is blocked in the case of personal cars. However,  you must first learn to differentiate what is a commercial vehicle and how its use …

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company limited by guarantee

What is a Company Limited by Guarantee?

26/12/2022Business , Limited Company

Are you wondering about a company limited by guarantee and who takes the charge of actually forming them in the UK? Well, most commonly such companies are formed by membership organisations, workers’ cooperatives, sports clubs, and other non-profit organisations. The purpose of non-profit organisations’ owners is to get the benefit from guiding the limited financial …

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correcting VAT errors

Correcting VAT Errors on a Return Already Submitted

20/12/2022VAT

While you are in the middle of completing your VAT returns, it is quite possible that you can make an error with any form of accounting. This especially happens when you are carrying out a small business in the UK and handling everything on your own. Sometimes the occurrence of VAT errors is not due …

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can charities claim back VAT

Can Charities Claim Back VAT?

19/12/2022Tax Issues , VAT

Are you associated with a charitable organisation and finding it complicated to handle the VAT? Well, you need to be aware of the exact implication rules of VAT when you are running a charity. This can further help you to keep HMRC on your favourable side. People often enquire, can charities claim back vat. If …

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FreeAgent vs QuickBooks

FreeAgent vs QuickBooks Online

15/12/2022Accounting , accounting software

If you are the owner of a small business in the UK, each penny that you are spending on your business will count in this journey. This will make you think twice before making any decisions regarding the business. Also, spending on buying accounting software that is just suitable for your unique business needs is …

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tax gross up

What is a Tax Gross Up for Payroll?

13/12/2022tax

Are you an owner of a business? You will have to hire employees for the sake of meeting certain targets of your company. And there are times that a certain amount in form of salary has to be offered to your employees. However, the tax factor comes in the way and the amount of salary …

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public liability insurance cost

How Much Does Public Liability Insurance Cost?

05/12/2022Finance , Insurance

There are several businesses that consider public liability insurance cost as an important factor. However, they often enquire about the amount of cost this possibly can cover for them. For this understanding, we will have to explore that what are the affecting factors that have involvement with public liability insurance cost. When you aim to …

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what is voluntary disclosure

Voluntary Disclosure to HMRC: Is it Necessary?

01/12/2022tax , Tax Issues , Tax News and Tips , Tax Saving Tips , Taxation

Whether your employment status is being a self-employed individual or you are a business owner, the management of taxes is always a complicated process for everyone. The expectation of occasional mistakes that occur unintentionally also requires your attention. Sometimes, people tend to declare their income to HMRC but the mistakes are found after a long …

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tax for a tennis coach

Tax for a Tennis Coach – A Basic Guide

21/11/2022tax , Tax Issues

When you are playing the role of a tennis coach, you must know that your employment status is self-employed. Tax is considered to be a great piece of alliteration for the tennis coaches and for the tax service providers to take this tax affair into serious consideration as well. If you are an individual who …

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Tax Increases and Public Spending Cuts

Tax Increases and Public Spending Cuts

18/11/2022Tax News and Tips

The new Chancellor Jeremy Hunt had warned the public and the financial markets that his Autumn Statement would include “eye-watering” cuts in public spending and tax rises for those with the ‘broadest shoulders’. Unlike the ill-fated Fiscal Event of 23 September, the Government “rolled the pitch” this time with several leaks prior to the event. …

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tax residence certificate

What is a Certificate of Residence?

14/11/2022tax , Tax Issues

If you want to spare yourself from being taxed twice on foreign income, you are in need to find out how you can get the tax residence certificate as an organisation, company, or individual. When you are not residing in the UK, you are allowed to claim tax relief but you are in a position …

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different ways to pay a tax return

Are There Different Ways to Pay a Tax Return?

03/11/2022tax

There are different ways to pay a tax return depending on the job type and wage payment mode your employer uses. HMRC provides different modes of payment to pay tax returns. If you have no idea how you can pay your tax returns and income tax, we have got you covered. In this article, we …

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calculate tax on dividends

Calculating Your Dividend Tax Bill

02/11/2022tax , Tax Issues , Taxation

Calculating Tax on Dividends might be confusing and you can commit an error in the calculation of tax on dividend income. Income taxes are relatively easier to calculate. On the other hand, dividend income brings a lot of confusion when it comes to paying taxes on them. Dividend income is an additional source of income. …

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VAT on overseas services

The VAT Complexities of Supplying Services Abroad

24/10/2022VAT

We can not deny that technology today is the reason that international business has reached its peak and has become more than accessible. It’s just a game of having the availability of a laptop and a good connection and there you go. Any kind of freelancer can offer services internationally. Even the small initiates in …

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splitting rental income for tax purposes

How is Rental Income Taxed on Jointly Owned Property?

11/10/2022tax , Tax Issues

In the case of properties where there is the involvement of multiple owners is observed, there will come certain expectations from HMRC. This will make each partner liable for paying tax on the amount of income they share, file for the self-assessment tax returns separately, and maintain the records. People find splitting rental income for …

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mini budget 2022

A Simple Guide to the Mini-Budget 2022 (The Growth Plan)

06/10/2022Finance

The Headline Message From The Chancellor The Growth Plan 2022 makes growth the government’s central economic mission, setting a target of reaching a 2.5% trend rate. Sustainable growth will lead to higher wages, greater opportunities and provide sustainable funding for public services. The United Kingdom currently faces a period of high inflation. The government has …

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tax on my treehouse

Do I Pay Tax on My Treehouse?

29/09/2022tax

Being pleased by the nature is an innate ability of human psychology and we will not deny that. How about having leisure time in the comfort of the house with the placement of a treehouse in your garden? Sounds fun right? Through such activities, you get a break from the routine and get a chance …

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are influencers evading taxes

Are Influencers Evading Taxes?

23/09/2022Tax Issues , Tax News and Tips

Have you heard that there is no tax for influencers? Well, the case with online influencers is different. Online influencer tax is a real thing that is implicated for the individuals who are creating online content and then making extra pounds from this. One of the frequently asked questions enquires a lot about ‘are influencers …

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Do youtubers pay taxes

Do YouTubers Pay Taxes?

21/09/2022Tax Issues , Tax Saving Tips

Whether you are a streamer or a content creator, the big question on everyone’s lips is Do YouTubers pay taxes? In case you are running a youtube channel that is making enough extra money for you, you will not only be noticed by your subscribers but HMRC is also noticing you. Furthermore, HMRC, which is …

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are footballers self employed

A Basic Guide About ‘Are Footballers PAYE?’

14/09/2022Tax Issues

For football lovers, sports is all about their favourite game. Fans possibly talk about the footballers all day, however, those who are associated with the tax experts want to know all about the complicated tax details that are paid by the footballers. This might include ‘are footballers self-employed’, whether they are PAYE, do they pay …

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Can a Sole Trader Have Multiple Businesses

Can a Sole Trader Have More Than One Businesses?

13/09/2022Finance

Are you planning to start a new business as a sole trader? You might be worried about asking the question “Can a Sole Trader Have Multiple Businesses?” The other questions coming along with this primary question are related to the tax, national insurance and VAT implications. So, you need not worry about this as you …

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when to pay vat

When are VAT Payments Due?

26/08/2022VAT

When to pay VAT? If this is the question bothering you as you have registered your business for VAT with the HMRC. VAT is very confusing and you must ensure you have to pay VAT and you get a VAT refund from HMRC at the end of each tax year. For this, you need to …

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is there VAT on coffee shops

Why Cafes and Coffee Shops are at Risk of VAT Mistakes?

24/08/2022VAT

We all know how people are so inclined towards coffee shops these days, especially the youth is a prominent frequenter of cafes and coffee shops. This makes you aware of the frequently asked question at the coffee shop for the popular product coffee, whether to get you a white or black coffee? Are you interested …

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are bank charges VATable

Are Bank Charges VATable?

23/08/2022Accounting

The majority of people ask the question “Are Bank Charges VATable in the UK?” This question is frequently asked by people who file their tax returns to the HMRC. The bank charges are the expenses of the taxpayer and you might want to get relief and claim a refund on these bank charges. So, we …

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the eBay fee calculator UK

Do you Pay VAT on eBay Fees?

18/08/2022VAT

In the UK, when you sell any product or service, value added tax which is known as VAT is charged in most cases. Market place retailers are clear here that they will have to pay VAT on sellers’ fees. This makes a requirement of charging VAT to the customers on any product purchase. The standard …

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hmrc p11d form

A Basic Guide About Penalties for Late Forms P11D!

16/08/2022Tax Issues

When you are in the process of declaration about your national insurance contribution, benefits, and business expenses, it is advisable to ensure that you have completed the HMRC p11d form as well. This form has an explanation of the details about the benefits, facilities and expenses payments that are received either by the director of …

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tax relief on mortgage interest

Explained: Buy to let Mortgage Interest Tax Relief

05/08/2022VAT

In the past, the rental income earned by the landlords used to be declared according to their wishes. However, in this modern era, the industry has changed a lot. There are new rules and the landlords are now bound to declare according to the new ways introduced. This will increase the tax rate. The landlords …

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Reclaiming VAT on EU purchases

How to Reclaim VAT on EU Purchases?

04/08/2022VAT

We all love being abroad and going on a vacation to get a break from work. Whether you are associated with the business world and carrying out your business activities or you work for an employer and own different employment status, the mutual ground of employees is to be agreed on being abroad. This changes …

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What is the VAT threshold

VAT Threshold – What is the VAT Threshold?

02/08/2022VAT

Whether you are carrying out a small business or large, when you are residing in the UK and running a business, you are supposed to get your business registered for VAT. This limitation becomes a condition after the annual turnover of your business has crossed a certain limit of the threshold. Wondering what is VAT …

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