News,May 2018

what is taxpayer identification number

What is Taxpayer Identification Number (TIN)?

11/07/2024Accounting , tax

What is a taxpayer identification number? As a taxpayer in the United Kingdom, understanding TINs is crucial for navigating the complex world of taxation. Whether you’re an individual or a business, your TIN is a unique identifier that plays a vital role in your tax journey. It’s used by Her Majesty’s Revenue and Customs to identify you and process your tax returns, payments, and refunds accurately. Think of your TIN as a personal tax fingerprint, distinguishing you from others and ensuring your tax affairs are kept separate and secure. In this discussion, we’ll delve into the world of TINs, exploring the different types, how to obtain them, and their significance in various aspects of taxation. By the end of this journey, you’ll be well-equipped with the knowledge to manage your tax obligations with confidence. This will avoid unnecessary stress and penalties. So, let’s get started and unravel the mystery of Taxpayer Identification Numbers in the UK.   Get in touch with our young, clever, and tech-driven professionals if you want to choose the best guide on what is a taxpayer identification number.   What is a Taxpayer Identification Number (TIN)? A Taxpayer’s Identification Number (TIN) is a unique set of digits assigned to individuals and businesses by HM Revenue & Customs for tax purposes. It’s like a special code that identifies you or your business to HMRC. Making it easier to file taxes, pay taxes, and claim refunds. Your TIN is essential for: Filing tax returns Paying taxes Claiming tax refunds Verifying your identity Having the correct TIN ensures accurate processing of tax-related transactions. This makes it a crucial part of managing your tax affairs in the UK.   What are the Types of Taxpayer Identification Numbers in the UK? In the UK, several types of Taxpayer Identification Numbers (TINs) serve specific purposes. Understanding each type is essential to ensure you have the correct one for your tax needs.   Unique Taxpayer Reference (UTR) Number A UTR number is a unique 10-digit code assigned to individuals and businesses for Self-Assessment tax returns. You’ll need a UTR number to file your tax return, pay taxes, and claim refunds. You’ll receive a UTR number when you register for Self-Assessment. It will be printed on your Self-Assessment tax returns and other HMRC correspondence.   National Insurance Number (NINO) A National Insurance number (NINO) is a unique 9-digit code used for income tax, national insurance contributions, and benefits. You’ll need a NINO to work in the UK, claim benefits, and receive a state pension. You’ll typically receive a NINO when you start working in the UK or apply for benefits.   Corporation Tax Reference Number A Corporation Tax reference number is a unique 6-digit code assigned to companies for Corporation Tax purposes. This number is used to identify your company’s Corporation Tax returns and payments. You’ll receive a Corporation Tax reference number when you register for Corporation Tax.   VAT Registration Number A VAT registration number is a unique code assigned to businesses that register for VAT. This number is used to identify your business’s VAT returns and payments. You’ll receive a VAT registration number when you register for VAT. Other types of TINs in the UK include: Pay As You Earn (PAYE) Reference Number: Used for employer tax returns and payments. Self-Assessment Payment Reference Number: Used for making Self-Assessment payments. National Insurance Contributions Reference Number: Used for national insurance contributions payments. Each type of TIN serves a specific purpose and having the correct one ensures accurate processing of tax-related transactions.   How to Obtain a Taxpayer’s Identification Number? Getting a Taxpayer’s Identification Number (TIN) in the UK is a straightforward process that varies depending on your circumstances. Follow these steps to obtain the right TIN for your needs.   Registering for Self-Assessment To get a Unique Taxpayer Reference (UTR) number, register for Self-Assessment online or by phone: Visit the HMRC website and create an account Fill out the online registration form (SA1) Call the Self-Assessment helpline (0300 200 3310) to register over the phone You’ll receive your UTR number within 10 working days.   Applying for a National Insurance Number To get a National Insurance number (NINO), apply online or by phone: Visit the website and fill out the online application form (CA5400) Call the National Insurance helpline (0300 200 3500) to apply over the phone You’ll receive your NINO within 3 weeks.   Registering for Corporation Tax To get a Corporation Tax reference number, register online or by post: Visit the website and fill out the online registration form (CT41) Complete the paper form (CT41) and post it to HMRC You’ll receive your Corporation Tax reference number within 10 working days.   Registering for VAT To get a VAT registration number, register online or by post: Visit the  website and fill out the online registration form (VAT1) Complete the paper form (VAT1) and post it to HMRC You’ll receive your VAT registration number within 10 working days. You may also obtain a TIN: Through your employer (for PAYE reference numbers) When setting up a pension or annuity When applying for benefits or credits You must keep your TIN safe and secure, as it’s personal to you and your tax affairs.   Importance of Taxpayer’s Identification Number Your Taxpayer’s Identification Number (TIN) is a crucial part of your tax journey in the UK. Playing a vital role in various aspects of your financial life. Understanding its significance ensures you appreciate its value and use it correctly.   Filing Tax Returns Your TIN is essential for filing tax returns, whether Self-Assessment, Corporation Tax, or VAT. It helps HMRC identify your returns and process them accurately, ensuring you pay the correct tax and receive any refunds due.   Paying Taxes When paying taxes, your TIN guarantees that your payments are allocated correctly, avoiding delays or errors. This applies to income tax, national insurance contributions, and other tax payments.   Claiming Refunds If you’re due a tax refund, your TIN is necessary to process the …

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what is an indirect tax

What is Indirect Tax?

10/07/2024Accounting , tax , Taxation

As we handle the complex world of taxation, one important aspect that often flies under the radar is what is an indirect tax. While it may not be as visible as income tax or council tax, indirect tax has a profound impact on our daily lives. This is influencing the prices we pay for everyday essentials and shaping the overall economy. From the food we eat to the clothes we wear, and from fuel to phone bills, indirect tax is an integral part of our spending habits. Yet, its effects can be far-reaching, influencing consumer behaviour, business strategies, and even social and environmental policies. Now we delve into the world of indirect tax, we will explore its benefits and drawbacks, examining how it affects individuals, businesses, and society as a whole. By shedding light on this often-overlooked aspect of taxation, we can gain a deeper understanding of its role in shaping our economy and our lives.   Get in touch with our young, clever, and tech-driven professionals if you want to choose the best guideon indirect tax.   What is an Indirect Tax? Everyone who buys goods and services in the UK pays indirect tax. This includes individuals, businesses, and organisations. Indirect tax is a significant source of revenue for the government and is used to fund public services and infrastructure. Indirect tax plays a crucial role in the UK tax system. It helps to distribute the tax burden across a wide range of goods and services. Making it a fair and efficient way to collect revenue. Indirect tax also influences consumer behaviour. As it can affect the price of goods and services and encourage businesses to produce more efficient and environmentally friendly products.   What are the Types of Indirect Taxes in the UK? Here are the types of indirect taxes in the UK.   Value Added Tax (VAT) VAT is one of the most common indirect taxes in the UK. It’s charged on the value added to goods and services at each stage of production and distribution. There are three rates of VAT: standard (20%) reduced (5%) zero (0%)   Goods and Services Tax (GST) GST is similar to VAT but is charged on imports from outside the EU. It’s also charged on goods and services supplied by UK businesses that aren’t registered for VAT.   Excise Duty Excise Duty is a tax on specific goods like fuel, alcohol, and tobacco. It’s charged at different rates depending on the type of product and is usually included in the price.   What are the Benefits of Indirect Tax in the UK? Here are the benefits of indirect tax in the UK.   Wide Tax Base Indirect tax has a wide tax base, meaning it applies to many goods and services. This spreads the tax burden across many products and services, making it a fair and efficient way to collect revenue.   Encourages Economic Growth Indirect tax encourages economic growth by taxing consumption rather than income. This means people are incentivised to work and earn more, as their income won’t be taxed.   Simple and Efficient Indirect tax is simple and efficient to collect, as it’s built into the price of goods and services. This reduces the administrative burden on businesses and individuals.   Flexible Indirect tax rates can be adjusted to influence consumer behaviour and achieve social and environmental goals. For example, higher taxes on sugary drinks and tobacco products encourage healthier choices.   Revenue Generation Indirect tax generates significant revenue for the government, which is used to fund public services and infrastructure. This benefits society as a whole and supports economic growth.   Transparency Indirect tax is transparent, as the tax amount is clearly shown on receipts and invoices. This helps consumers make informed choices and businesses to budget and plan.   Competitiveness Indirect tax helps maintain a level playing field for businesses, as all companies face the same tax rates. This encourages competition and innovation.   What are the Drawbacks of Indirect Tax in the UK? Here are the drawbacks of indirect tax in the UK.   Regressive Nature Those who spend a larger portion of their income on essentials like food and clothing end up paying a larger share of indirect tax.   Hidden Tax Indirect tax can be hidden in the prices of goods and services, making it difficult for consumers to know how much they are paying.   Inflationary Effect Indirect tax can contribute to inflation, as businesses pass on the tax cost to consumers through higher prices.   Complexity Indirect tax can be complex and difficult to understand, with multiple rates and exemptions applying to different goods and services.   Double Taxation Indirect tax can lead to double taxation, where goods and services are taxed multiple times as they move through the supply chain. This can increase the overall tax burden and reduce economic efficiency.   Impact on Businesses Indirect tax can increase the administrative burden on businesses, requiring them to collect and remit the tax.   Limited Flexibility Indirect tax rates and rules can be inflexible, making it difficult for the government to respond to changing economic conditions or social priorities.   The Bottom Line In conclusion, what is an indirect tax, indirect tax plays a significant role in the UK tax system, with both benefits and drawbacks. On the one hand, it provides a wide tax base, encourages economic growth, and generates revenue for public services. On the other hand, it can be regressive, hidden, and inflationary, with complexity and double taxation issues. Despite these challenges, indirect tax remains a crucial tool for the government to fund public goods and services. To strike a balance, policymakers must carefully consider the impact of indirect tax on different segments of society and businesses, striving for fairness, transparency, and efficiency. If you get to know the intricacies of indirect tax, individuals and businesses can navigate the system effectively. Ultimately, indirect tax is an essential component of the UK tax landscape, requiring ongoing refinement …

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why interior designers need accountants

Why Interior Designers Need Accountats?

09/07/2024Accountants , Accounting

Why do interior designers need accountants? Running a successful interior design business requires more than just a keen eye for aesthetics and a passion for creativity. Behind the scenes, there are financial complexities that need to be navigated, taxes that need to be paid, and records that need to be kept. While also trying to deliver exceptional design services to your clients. That’s where an accountant comes in. In this discussion, we’ll explore the key reasons why interior designers need accountants. If you get to know the importance of accounting in interior design, you’ll be better equipped. This is to focus on what you do best – creating beautiful spaces that inspire and delight.   Talk to our best accountants and bookkeepers in the UK at CruseBurke. You will get instant help about why interior designers need accountants.   Why Do Interior Designers Need Accountants? Here is why interior designers need accountants in the UK.   1- Tax Obligations Tax obligations are a significant reason why interior designers in the UK need accountants. As self-employed individuals or business owners, interior designers must report their income and expenses to HMRC and pay taxes on their earnings.   Income Tax Interior designers must pay income tax on their business profits, which includes income from design services, sales of materials, and any other business-related income. Accountants can help interior designers calculate their business profits, ensure accurate tax returns, and minimise tax liability.   Value Added Tax (VAT) Interior designers who earn over £85,000 in 12 months must register for VAT, which is a tax on goods and services. Accountants can help interior designers understand VAT rules, calculate VAT owed, and submit VAT returns.   National Insurance Contributions (NICs) Interior designers must pay NICs on their earnings, which fund social security benefits. Accountants can help interior designers calculate and pay NICs, ensuring compliance with HMRC regulations.   Corporation Tax If an interior designer operates as a limited company, they must pay corporation tax on business profits. Accountants can help interior designers calculate corporation tax, submit tax returns, and ensure compliance with HMRC regulations.   2- Business Expenses and Deductions Business expenses and deductions are a significant reason why interior designers in the UK need accountants. As a self-employed individual or business owners, interior designers incur various expenses.   Business Expenses Interior designers incur various expenses, for example: Materials and supplies (fabrics, paints, etc.) Travel expenses (fuel, parking, etc.) Marketing and advertising costs Rent and utility bills for their workspace Equipment and software costs (design software, etc.)   Claiming Deductions Interior designers can claim deductions on these business expenses to reduce their taxable income. Accountants can help identify eligible expenses and ensure accurate calculation of deductions. Claiming deductions can significantly reduce tax liability, resulting in increased profits.   Record Keeping Accurate record-keeping is essential for claiming deductions and capital allowances. Accountants can help interior designers maintain organized records and ensure compliance with HMRC requirements.   3- Invoicing and Payment Terms Invoicing and payment terms are crucial aspects of an interior designer’s business. When it comes to invoicing, interior designers need to ensure that they are charging the correct amount for their services, including any applicable taxes, and that they are doing so promptly.   Creating Professional Invoices Accountants can help interior designers create professional invoices that include all necessary information, such as: Business name and address Client name and address Description of services provided Amount due and payment terms Applicable taxes (VAT, etc.)   Managing Payment Terms Interior designers need to establish clear payment terms to ensure timely payment from clients. Accountants can help set payment terms, such as: Payment due dates Late payment fees Accepted payment methods (credit card, bank transfer, etc.)   Cash Flow Management Effective invoicing and payment terms management is crucial for maintaining a healthy cash flow. Accountants can help interior designers manage their cash flow, ensuring that: Bills are paid on time Expenses are covered The business remains financially stable   4- Financial Planning and Budgeting Financial planning and budgeting are essential components of a successful interior design business.   Setting Financial Goals Accountants help interior designers set realistic financial goals, such as: Increasing revenue by a certain percentage Reducing expenses Improving profitability   Creating a Budget Based on financial goals, accountants help designers create a budget that: Allocates resources effectively Prioritises expenses Identifies areas for cost savings   Managing Cash Flow Accountants help designers manage cash flow by: Tracking income and expenses Identifying potential cash flow gaps Developing strategies to address them   Analysing Financial Performance Regular financial analysis helps designers: Track progress towards goals Identify areas for improvement Make informed business decisions   5- Compliance with UK Accounting Standards Compliance with UK accounting standards is a critical aspect of running a successful interior design business.   Understanding UK Accounting Standards Accountants help interior designers understand and apply UK accounting standards, including: Financial Reporting Standard (FRS) 102 International Financial Reporting Standard (IFRS)   Compliance with Tax Regulations Accountants help designers comply with tax regulations, including: Corporation tax Value-added tax (VAT) Income tax   The Bottom Line In conclusion, why interior designers need accountants, interior designers need accountants to handle the financial challenges of running a design business. From managing tax obligations to ensuring compliance with UK accounting standards, accountants play a vital role in helping designers achieve their financial goals.   Consider hiring our accountants for Interior Designers in the UK to help you manage your financial affairs. Our accountants at CruseBurke can be your trusted partner, helping you reach your full potential while freeing up time to focus on your craft.

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why IT companies need accountants

Why IT Companies Need Accountants?

08/07/2024Accountants , Accounting

Why do IT companies need accountants? IT companies in the UK often face unique financial challenges. As they handle the complexities of software development, data analysis, and digital transformation, they require expert guidance. This will lead to managing their financial affairs. Accountants are professionals who possess the expertise to help IT companies make sense of their financial data. With the ever-changing tax laws, regulations, and financial standards in the UK, IT companies need accountants who can provide strategic financial advice. This will ensure compliance, and offer actionable insights to inform their business decisions. By exploring the reasons why IT companies in the UK need accountants, we will delve into the critical role they play in supporting financial health. This will include the growth, and success of these businesses, and how their expertise can help IT companies thrive in today’s competitive market.   Get in touch with our young, clever, and tech-driven professionals if you want to choose the best guide on why IT companies need accountants.   Why Do IT Companies Need Accountants? Here is why IT companies need accountants in the UK.   1- Dealing with Complex Financial Issues One of the significant benefits of hiring accountants for IT companies in the UK is their expertise in dealing with complex financial issues. IT companies often face unique financial challenges, this includes: Revenue Recognition: Accountants help IT companies navigate complex revenue recognition rules. R&D Tax Credits: Accountants assist in identifying and claiming eligible R&D tax credits, providing significant tax savings. Intellectual Property Valuation: Accountants help value intellectual property, such as software and patents, for financial reporting and tax purposes. Stock Options and Equity Incentives: Accountants advise on stock option and equity incentive plans, ensuring proper accounting and tax treatment. Cross-Border Transactions: Accountants guide IT companies through complex international financial transactions, ensuring compliance with UK and international tax laws.   2- Providing Strategic Financial Advice Hiring accountants for IT companies in the UK offers a significant benefit: strategic financial advice. Accountants provide valuable insights, enabling IT companies to make informed decisions and drive business growth. This expertise includes: Funding and Investment: Accountants guide funding options, investment strategies, and tax implications, helping IT companies secure capital and achieve growth. Mergers and Acquisitions: Accountants offer expertise in mergers and acquisitions, ensuring IT companies make informed decisions and maximise financial benefits. Exit Strategies: Accountants help IT companies develop exit strategies, ensuring a smooth transition and maximising financial returns.   3- Preparing Financial Reports and Statements Accountants have expertise in preparing financial reports and statements. Accountants ensure that financial records are accurate, up-to-date, and compliant with UK accounting standards and tax laws. This includes: Compliance Reports: Accountants prepare reports for compliance with UK accounting standards, tax laws, and regulatory requirements. By preparing financial reports and statements, accountants enable IT companies to: Make informed business decisions Identify areas for improvement Manage cash flow effectively Meet compliance requirements Attract investors and funding   4- Managing Payroll Services Hiring accountants for IT companies in the UK offers a significant benefit. This can include expertise in managing payroll services. Accountants ensure that payroll processing is accurate, efficient, and compliant with UK tax laws and regulations. This includes: Employee Data Management: Accountants manage employee data, including personal details, salaries, benefits, and deductions. Tax Compliance: Accountants ensure compliance with UK tax laws, including PAYE, National Insurance, and pension regulations. Statutory Reporting: Accountants prepare and submit statutory reports, including P35, P60, and P11D. Employee Benefits Administration: Accountants manage employee benefits, including pension schemes, health insurance, and other benefits. By managing payroll services, accountants enable IT companies to: Ensure accurate and timely payment of salaries and benefits Comply with UK tax laws and regulations Reduce payroll errors and penalties Improve employee satisfaction and retention Focus on core business activities, knowing payroll is in expert hands   5- Assisting with Bookkeeping Hiring accountants for IT companies in the UK can help IT companies maintain accurate and up-to-date financial records. This will give you a strong financial foundation. This includes: Financial Data Management: Accountants manage financial data, including invoices, receipts, expenses, and payments. Accounts Payable and Receivable: Accountants manage accounts payable and receivable, ensuring timely payment and collection. General Ledger Management: Accountants maintain the general ledger, ensuring accurate accounting records. Financial Transaction Recording: Accountants record financial transactions, including sales, purchases, and journal entries. Bank Reconciliation: Accountants reconcile bank statements, ensuring accuracy and detecting potential fraud. Financial Statement Preparation: Accountants prepare financial statements, including balance sheets, income statements, and cash flow statements. By assisting with bookkeeping, accountants enable IT companies to: Maintain accurate financial records Make informed business decisions Identify areas for cost savings Improve cash flow management Comply with UK accounting standards and tax laws   The Bottom Line In conclusion, why do IT companies need accountants, IT companies in the UK need accountants to handle complex financial issues and achieve success. By hiring accountants, IT companies can ensure accurate financial reporting and compliance with tax laws and regulations. This will help with informed business decisions. Accountants provide strategic financial advice and prepare financial reports and statements. This will lead to managing payroll services, assisting with bookkeeping, and offering expertise in dealing with financial issues. With the support of accountants, IT companies can minimise risks and stay competitive in the UK market.   Consider hiring our accountants for IT companies in the UK to help you manage your financial affairs. Our accountants at CruseBurke can be your trusted partner, helping you reach your full potential while freeing up time to focus on your craft.

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how to claim a tax refund

How to Claim a Tax Refund?

05/07/2024Accounting , tax , Taxation

How to claim a tax refund? Are you one of the millions of people who have paid too much tax and are due a refund? Do you find the tax system confusing and overwhelming? You’re not alone! Claiming a tax refund can seem hard, but it’s a straightforward process that can put money back in your pocket. In this discussion, we’ll guide you through the simple steps to claim your tax refund, from checking your tax code to receiving your refund. We’ll explain the process in easy-to-understand language, avoiding jargon and technical terms. Whether you’re an employee, self-employed, or a pensioner, we’ll show you how to navigate the system and get the refund you deserve. So, let’s get started and take the first step towards claiming your tax refund.   Get in touch with our young, clever, and tech-driven professionals if you want to choose the best guide on claiming a tax refund.   What is the Eligibility for a Tax Refund? If you’re an employee, you may be eligible for a tax refund if you’ve paid too much tax through the Pay As You Earn system. This can happen if you: Change jobs or have a change in your employment circumstances Receive a pay rise or promotion Have a change in your tax code   Self-Employed Individuals If you’re self-employed, you may be eligible for a tax refund if you’ve overpaid tax on your Self Assessment tax returns.   Pensioners If you’re a pensioner, you may be eligible for a tax refund if you’ve paid too much tax on your pension income or have been taxed incorrectly.   Expenses Related to Employment If you’ve incurred expenses related to your employment, like: Professional subscriptions Travel expenses Uniform costs You may be able to claim tax relief and receive a refund. You may also be eligible for a tax refund if you’ve been taxed incorrectly on: Benefits in kind (such as company cars or medical insurance) Marriage allowance Blind person’s allowance Taxable benefits To see if you’re eligible for a tax refund, review your: Tax code Payslips P60 or P45 forms If you’re unsure, you can always consult HMRC or a tax advisor to help determine your eligibility and guide the refund process.   How to Claim a Tax Refund?   Step 1: Check Your Tax Code and PAYE First, review your payslip or P60 to ensure your tax code is correct. If you’ve been assigned an emergency tax code or have a BR or DO code, you may be due a refund.   Step 2: Gather Necessary Documents Collect your: P60 (end-of-year certificate) P45 (leaving work certificate) Payslips Self Assessment tax returns (if self-employed)   Step 3: Complete the Tax Refund Application Form (R40) Download or request the R40 form from HMRC. Fill it out accurately, including: Personal details Tax refund amount Reasons for the refund claim   Step 4: Submit Your Application Send the completed R40 form to HMRC, either: Online (if you have an HMRC online account) By post (to the address listed on the form)   Step 5: Wait for HMRC to Process Your Claim HMRC will review your application and may request additional information. Once processed, you’ll receive a refund or a letter explaining any adjustments.   Step 6: Track Your Refund Use HMRC’s online service or phone their helpline to check the status of your refund. Ensure you claim within the time limit. This is typically 4 years. Keep records of your claim and supporting documents. Consider seeking help from a tax advisor or HMRC if needed. Remember to double-check your application and supporting documents to avoid delays or errors.   How to Do Online Tax Refund Claims? To claim a tax refund online, you’ll need to register for an HMRC online account. This will give you access to the online tax refund service. If you already have an account, simply login to get started.   Checking Your Eligibility Before claiming, use HMRC’s online tax refund tool to check if you’re eligible for a refund. This will help you determine if you’ve paid too much tax and how much you could be owed.   Completing the Online Application If you’re eligible, complete the online application form (R40). This will ask for: Personal details Tax refund amount   Tracking Your Refund You’ll receive updates on the status of your claim and can expect your refund to be paid into your bank account within a few weeks.   Benefits of Online Claims Claiming online offers several benefits, including: Faster processing times Reduced errors Convenience and flexibility Secure and encrypted service By claiming online, you can quickly and easily get the tax refund you’re owed without needing paperwork or phone calls.   What are the Common Reasons for Delayed or Rejected Claims? Your tax refund claim may be rejected if: Incomplete or inaccurate information: Make sure you fill out the application form correctly and provide all necessary documents. Incorrect tax code: Ensure your tax code is up-to-date and accurate. Insufficient evidence: Provide sufficient proof of expenses and income. Tax owed or outstanding payments: Clear any outstanding tax debts before claiming a refund.   Delayed Tax Refunds Your tax refund may be delayed if: HMRC workload: Peak seasons or high volumes of claims can cause delays. Additional information required: HMRC may request further documentation, slowing down the process. Complex claims: Claims with multiple income sources or expenses may take longer to process. Postal delays: Allow extra time for postal applications or consider claiming online.   Avoiding Delays and Rejections To minimise the risk of delays and rejections: Double-check your application and supporting documents. Ensure accurate and up-to-date information. Claim online for faster processing. Keep records of your claim and supporting documents. Respond promptly to HMRC requests for additional information.   How to Track Your Tax Refund? Online Tracking To track your tax refund online: Log in to your HMRC online account Select “Tax refunds” or “Repayments” View the status of your refund You can also use the HMRC …

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why restaurants need accountants

Why Restaurants Need Accountants?

04/07/2024Accountants , Accounting , VAT

Why do restaurants need accountants? Running a restaurant in the UK is a thrilling venture, but it also comes with a multitude of financial challenges. From managing cash flow to keeping track of inventory and labour costs, the financial aspects can be overwhelming. Many restaurant owners find themselves wearing multiple hats, juggling the creative aspects of running a kitchen. That’s where accountants come in. Trained professionals who can help restaurants in the UK navigate the financial maze and ensure their business is financially fit and thriving. In this discussion, we’ll explore the essential reasons why restaurants in the UK need accountants. Or how their expertise can be the secret ingredient to a restaurant’s financial prosperity.   Talk to our best accountants and bookkeepers in the UK at CruseBurke. You will get instant help about why restaurants need accountants.   Why Do Restaurants Need Accountants? Here is an explanation of why restaurants need accountants in the UK.   1- Financial Management is Key Effective financial management is crucial for restaurants in the UK to operate efficiently and achieve long-term success. By hiring an accountant, restaurants can ensure their financial affairs are in order. Cost Control: Accountants can help restaurants identify areas to reduce costs, optimise menu pricing, and manage inventory, labour, and overhead expenses. Cash Flow Management: Accountants can assist restaurants in managing cash flow. This will ensure sufficient funds to pay suppliers, staff, and other expenses, and avoid financial stress. Financial Planning: Accountants can guide long-term financial planning, including funding opportunities, investment strategies, and exit plans.   2- Budgeting and Forecasting Budgeting and forecasting are essential ingredients in the recipe for restaurant success. Accountants are skilled chefs who can help restaurants in the UK get it just right. By hiring an accountant, restaurants can ensure they have a comprehensive budget and forecast that will guide their financial decisions and drive growth. Setting Financial Goals: Accountants work with restaurant owners to set realistic financial goals. Whether it’s increasing revenue, reducing costs, or improving profitability. Creating a Budget: Based on these goals, accountants help restaurants create a comprehensive budget that accounts for all income and expenses. This includes menu pricing, labour costs, inventory, marketing, and overheads. Forecasting Future Performance: Using historical data and industry trends, accountants help restaurants forecast future financial performance, identifying potential challenges and opportunities. Regular Review and Revision: Accountants regularly review and revise the budget and forecast with restaurant owners. This will ensure they stay on track and make adjustments as needed. Identifying Areas for Improvement: Through budgeting and forecasting, accountants help restaurants identify areas for cost savings, efficiency improvements, and revenue growth.   3- Cash Flow Management Accountants are skilled professionals who can help restaurants in the UK maintain a healthy financial pulse. By hiring an accountant, restaurants can ensure they have a steady cash flow. Identifying Cash Flow Patterns: Accountants help restaurants identify patterns in cash inflows and outflows, including seasonal fluctuations, peak trading periods, and slow sales. Managing Accounts Receivable and Payable: Accountants ensure timely collection of debts and manage accounts payable. Cash Flow Forecasting: Using historical data and industry trends, accountants help restaurants forecast future cash flow, identifying potential shortfalls and surpluses. Managing Inventory and Stock Control: Accountants assist restaurants in managing inventory levels, reducing waste, and optimising stock control procedures to minimise cash tied up in stock. Identifying Cash Flow Gaps: Accountants identify potential cash flow gaps and develop strategies to bridge them. For example invoice financing or short-term loans.   4- Financial Analysis and Advice Financial analysis and advice are essential tools for restaurant success, and accountants are the experts who can help unlock a restaurant’s full potential. This will help to receive expert guidance on how to optimise their operations and increase profitability. Industry Benchmarking: Accountants compare a restaurant’s financial performance to industry benchmarks, identifying areas for improvement and opportunities for growth. Cost Structure Analysis: Accountants analyse a restaurant’s cost structure, identifying areas to reduce costs, optimise menu pricing, and improve profitability. Cash Flow Analysis: Accountants analyse a restaurant’s cash flow, identifying areas to improve cash management, reduce debt, and increase liquidity.   5- Industry-Specific Expertise Hiring an accountant with industry-specific expertise is a vital ingredient in the recipe for restaurant success. Understanding Restaurant Operations: Accountants with industry expertise understand the inner workings of restaurants. This includes menu pricing, inventory management, labour costs, and customer flow. Knowledge of Restaurant-Specific Taxes: They are well-versed in restaurant-specific taxes, such as VAT, alcohol duty, and food taxes. Ensuring restaurants comply with all regulations and minimise their tax liability. Experience with Restaurant Accounting Software: They are familiar with industry-specific accounting software, like Sage, Xero, and QuickBooks, ensuring seamless integration and accurate financial reporting. Awareness of Industry Trends and Benchmarks: They stay up-to-date on industry trends and benchmarks, providing valuable insights to help restaurants optimise their operations and improve financial performance. Understanding of Restaurant Funding and Financing Options: They are knowledgeable about funding and financing options available to restaurants.   The Bottom Line In conclusion, why do restaurants need accountants, hiring an accountant is a crucial decision for restaurants. This is to ensure their financial success and sustainability. Accountants provide expert financial guidance, enabling restaurants to navigate the complex landscape of taxes, budgets, and cash flow management. With accurate financial records and informed decision-making, restaurants can optimise menu pricing, and manage inventory and labour costs. After investing in an accountant, restaurants in the UK can ensure financial stability, achieve long-term success, and remain competitive in a crowded market. This allows owners to serve up financial prosperity alongside their culinary delights.   Consider hiring our accountants for Restaurants in the UK to help you manage your financial affairs. Our accountants at CruseBurke can be your trusted partner, helping you reach your full potential while freeing up time to focus on your craft.

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check your council tax band

How to Check Your Council Tax Band?

03/07/2024Accounting , tax , Taxation

Wondering about how to check your council tax band? Council tax is a vital component of local government funding in the UK. Understanding how it works is essential for homeowners and residents alike. At the heart of the council tax system are council tax bands, which determine how much you pay based on the value of your property. But what exactly are council tax bands and what happens if you disagree with your banding? With so many questions surrounding this complex topic, it’s no wonder that council tax bands can be a source of confusion and frustration for many. In this discussion, we’ll delve into the world of council tax bands. This will help to explore how they’re determined, how to check yours, and what to do if you disagree with your banding. By the end of this journey, you’ll be equipped with the knowledge and confidence to handle the council tax system with ease. This will ensure you’re paying the right amount and supporting your community’s vital services.   Our team of professional members loves to hear out your problems and find out the possible and suitable solutions quickly for small businesses’ accounting problems. Call us or email us today.   What are the Different Council Tax Bands? Council tax bands in the UK are a way of categorising properties based on their value, and determining how much council tax you pay. There are eight bands in total, ranging from A to H, with band A being the lowest and band H being the highest.   Band A Properties in band A are the least valuable and are typically worth less than £40,000. This band includes small terraced houses, flats, and apartments.   Band B Properties in band B are slightly more valuable, worth between £40,001 and £52,000. This band includes slightly larger terraced houses and some semi-detached properties.   Band C Properties in band C are worth between £52,001 and £68,000. This band includes larger semi-detached houses and some detached properties.   Band D Properties in band D are worth between £68,001 and £88,000. This band includes larger detached houses and some higher-value properties.   Band E Properties in band E are worth between £88,001 and £120,000. This band includes high-value properties, like large detached houses and luxury apartments.   Band F Properties in band F are worth between £120,001 and £160,000. This band includes very high-value properties, for example, large country houses and luxury mansions.   Band G Properties in band G are worth between £160,001 and £320,000. This band includes extremely high-value properties, such as large estates and luxury villas.   Band H Properties in band H are the most valuable, worth over £320,000. This band includes the highest-value properties in the UK, such as mansions and country estates.   How to Check Your Council Tax Band? Checking your council tax band in the UK is a straightforward process that can be done online or through your local council. Here’s a step-by-step guide to help you check your council tax band:   Online Check To check your council tax band online, follow these steps: Visit the UK government’s website Click on the “Council Tax” section Enter your postcode or property address in the search bar Click on “Search” to find your property’s council tax information Look for the “Council Tax Band” section to see your property’s band   Contacting Your Local Council Alternatively, you can contact your local council directly to check your council tax band: Find your local council’s contact information on their website or through a search engine Call or email them to ask about your council tax band Provide your property address or postcode to get the information   Using Online Tools Some websites, like Zoopla or Rightmove, also offer council tax band information: Visit one of these websites and search for your property Look for the “Council Tax Band” section to see your property’s band Checking your council tax band is important to ensure you’re paying the right amount. If you have any questions or concerns, don’t hesitate to reach out to your local council for assistance.   What are the Alternative Methods to Check Your Council Tax Band? If you’re unable to check your council tax band online or through your local council, there are alternative methods to explore:   Contacting the Valuation Office Agency (VOA) The VOA is responsible for valuing properties for council tax purposes. You can: Call the VOA on 03000 501 501 (Monday to Friday, 8:30 am to 5:00 pm) Email them at mailto:[email protected] Write to them at Valuation Office Agency, Council Tax North, PO Box 1231, Bradford, BD1 5XX Provide your property address or postcode, and they’ll assist you with your council tax band query.   Using Property Websites Some property websites, like: Zoopla Rightmove Property Price Advice offer council tax band information. Simply search for your property, and look for the council tax band details.   Consulting a Property Professional Estate agents, surveyors, or property valuers can also guide your council tax band. They may have access to property data and can offer expert advice.   Visiting Your Local Library or Citizen’s Advice Bureau These public services often have access to council tax information and can assist with your query.   What to Do if You Disagree with Your Council Tax Band? Here’s what to do if you disagree.   Check Your Banding First, ensure you understand how your property’s value was determined. Check the Valuation Office Agency’s (VOA) website or contact them directly to confirm your property’s details.   Grounds for Appeal You can appeal if you believe your property’s value is incorrect, or if there’s been a change in your property’s value since the last valuation. Common reasons for appeal include: Incorrect property value Change in property value due to renovations or damage Comparison with similar properties in the area   Appealing the Decision To appeal, contact the VOA and explain your reasons. You’ll need to provide evidence to support your claim, …

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why locums need accountants

Why Locums Need Accountants?

02/07/2024Accountants , Accounting , Finance

Wondering why locums need accountants? When you are a locum, you’re a highly skilled healthcare professional, dedicating your expertise to delivering top-notch patient care. However, managing your finances can be a hard task. Especially amidst the complexities of the UK’s tax system and the unique demands of freelance work. Without expert guidance, it’s easy to feel overwhelmed by the intricacies of self-assessment, expense claiming, and tax relief. In this discussion, we’ll explore the essential reasons why locums in the UK need accountants. From tax efficiency and compliance to financial planning and increased earnings potential. By understanding the benefits of partnering with an accountant, you’ll be empowered to take control of your finances and give exceptional care to your patients.   Get in touch with our young, clever, and tech-driven professionals if you want to choose the best guide for tax on a new individual to the UK for your benefit.   Why Locums Need Accountants? As a locum in the UK, you enjoy the flexibility and autonomy of freelance work. But you also face distinct financial challenges. Your income may vary irregularly. You’re responsible for managing your taxes, expenses, and benefits.   1- Tax Efficiency and Compliance Accountants specialising in locum finance expertly navigate the UK tax system to identify tax-saving opportunities that maximise your earnings.   Optimising Expense Claiming Accountants help locums claim expenses correctly. Ensuring you receive the maximum tax relief. They categorise expenses, such as travel costs, professional fees, and equipment expenditures, and guide you on what can be claimed against your taxable income.   Tax Relief and Allowances Accountants ensure locums receive all applicable tax reliefs and allowances. Like the Personal Allowance, Annual Allowance for pension contributions, and tax relief on professional subscriptions.   Tax-Efficient Income Structures Accountants structure your income to minimise tax liability, considering options like dividend payments, salary, and pension contributions.   Regular Tax Reviews and Planning Accountants conduct regular tax reviews to ensure ongoing tax efficiency. They forecast tax liabilities, identify potential issues, and implement strategies to minimise tax payments. Ensuring you’re always tax-compliant and optimised for financial success.   2- Expense Management and Benefits Accountants help locums track and categorise expenses, ensuring accurate recording and claiming of deductible costs. They set up systems to capture receipts, invoices, and mileage logs, making expense management efficient and stress-free.   Expense Claiming and Tax Relief Accountants guide locums on claiming expenses against taxable income, maximising tax relief. They ensure the correct categorisation of expenses, such as travel, equipment, and professional fees, to secure the highest tax relief possible.   Benefits and Allowances Accountants help locums navigate benefits and allowances, like the Annual Allowance for pension contributions and tax relief on professional subscriptions. They ensure you receive all eligible benefits and maximising take-home pay.   Pension Contributions and Planning Accountants advise locums on pension contributions, optimising tax relief and long-term financial planning. They help you navigate pension schemes, like the NHS Pension Scheme, and guide you on making the most tax-efficient contributions.   Mileage and Travel Expenses Accountants assist locums in claiming mileage and travel expenses. Ensuring accurate records and maximum tax relief. They help you navigate the complexities of HMRC’s mileage allowance rates and fuel scales.   Budgeting and Cash Flow Management Accountants help locums manage their cash flow and budget effectively, ensuring timely payment of taxes, expenses, and savings.   Investment and Wealth Creation Accountants advise locums on investment strategies to grow wealth, such as ISAs, pensions, and other tax-efficient vehicles. They help you navigate the complex investment landscape, making informed decisions to achieve financial growth.   Tax-Efficient Savings Accountants assist locums in maximising tax-efficient savings, utilising schemes like the Lifetime ISA, Help to Buy ISA and Childcare Vouchers. They ensure you’re taking advantage of all eligible savings opportunities.   Retirement Planning Accountants guide locums in planning for retirement, optimising pension contributions and exploring alternative income streams.   Risk Management and Protection Accountants help locums manage financial risk, recommending insurance protection for income, health, and life. They ensure you’re prepared for unexpected events, safeguarding your financial well-being.   3- Increased Earnings Potential Accountants help locums negotiate and optimise their hourly rates, ensuring fair compensation for their expertise and services. They analyse industry standards, market rates, and your unique skills to secure the best possible pay.   Invoice Management and Payment Recovery Accountants manage invoicing and payment recovery, ensuring timely and accurate payment for your work. They minimise delayed or missed payments, maximising your earnings and cash flow.   Tax-Efficient Income Structuring Accountants structure your income to minimise tax liability, exploring options like dividend payments, salary, and pension contributions. They ensure you receive the maximum take-home pay possible.   Expense Claiming and Tax Relief Accountants guide you on claiming expenses against taxable income, maximising tax relief and increasing your earnings.   Pension Contributions and Planning Accountants advise on pension contributions, optimising tax relief and long-term financial planning. They help you make the most tax-efficient contributions, securing your financial future.   The Bottom Line In conclusion, why locums need accountants, locums in the UK need accountants to handle the complex financial landscape of freelance work. By partnering with a specialist accountant, locums can ensure tax efficiency, compliance, and financial planning. This leads to increased earnings potential and long-term financial security. Accountants help locums manage expenses, benefits, and pension contributions, and guide contracts and negotiations. This will deliver high-quality patient care while you can enjoy peace of mind and reduced stress. Don’t risk financial mismanagement or missed opportunities. Rather invest in an accountant who understands locum finance and can help you thrive in your career.   Consider hiring our accountants for Locums in the UK to help you manage your financial affairs. Our accountants at CruseBurke can be your trusted partner, helping you reach your full potential while freeing up time to focus on your craft.

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is winter fuel payment taxable

Is Winter Fuel Payment Taxable?

01/07/2024Accounting , tax

Is winter fuel payment taxable? When the winter months approach, many individuals in the UK face a daunting challenge. This is about how to afford the rising costs of heating their homes. For some, the decision between heating and eating becomes a harsh reality. But there is hope. The Winter Fuel Payment is a government-funded scheme designed to provide financial support to eligible individuals. This will help them stay warm and comfortable in their homes during the colder months. This vital payment is a lifeline for many, particularly the elderly and vulnerable, who may struggle to make ends meet. In this discussion, we will delve into the world of Winter Fuel Payment. This will help explore the eligibility criteria, payment amounts, tax implications, and benefits of this essential support system. We will also examine how it helps alleviate fuel poverty, promotes independence, and improves overall well-being. With the intricacies of Winter Fuel Payment, we can better appreciate its significance and how it makes a real difference in the lives of thousands of individuals across the UK.   Our team of professional members loves to hear out your problems and find out the possible and suitable solutions quickly for small businesses’ accounting problems. Call us or email us today.   What is Winter Fuel Payment? If you were born before September 25, 1957, you may be eligible to receive a payment of between £250 and £600. To qualify for Winter Fuel Payment, you must have been born before September 25, 1957, and be a UK resident. In some cases, individuals living abroad may also be eligible. However, certain circumstances, such as being in hospital for over a year or in prison, may affect eligibility. The amount you receive is based on your age and circumstances during the qualifying week of September 18-24. You may receive a payment of either £250, £300, £500, or £600, depending on your situation. Additionally, you may be eligible for a ‘Pensioner Cost of Living Payment’ of between £150 and £300. You may also be eligible for other benefits, such as Cold Weather Payment, Warm Home Discount, or help from the Household Support Fund, depending on your circumstances. Winter Fuel Payment is tax-free and will not affect your other benefits. You can learn more about Winter Fuel Payment and check if you need to claim the website.   Is Winter Fuel Payment Taxable? Winter Fuel Payment is a tax-free benefit, meaning you won’t have to pay income tax or capital gains tax on the amount you receive. This is a welcome relief for many individuals who rely on this payment to help with their heating costs during the colder months. Receiving Winter Fuel Payment will not affect your eligibility for other benefits, such as Pension Credit, Housing Benefit, or Council Tax Reduction. You can receive Winter Fuel Payments alongside these benefits without worrying about any deductions or penalties. Winter Fuel Payment is not subject to National Insurance contributions, which means you won’t have to pay any NICs on the amount you receive. If you receive Tax Credits, such as Working Tax Credit or Child Tax Credit, your Winter Fuel Payment will not affect your eligibility or the amount you receive. As Winter Fuel Payment is a tax-free benefit, you won’t have to pay Capital Gains Tax on the amount you receive, even if you use it to invest in assets that increase in value. Your Winter Fuel Payment will not be subject to income tax deductions, such as Pay As You Earn (PAYE) or Self-Assessment. You’ll receive the full amount without any tax deductions.   How is Winter Fuel Payment Paid? Here is how it is paid.   Payment Timing Winter Fuel Payments are typically made between November and December, to help with heating costs during the colder months. You’ll receive a letter telling you how much you’ll get and when you’ll receive it.   Method of Payment The payment is usually made directly into your bank account, so make sure your bank details are up to date. If you don’t have a bank account, you can opt for a payment by cheque or by using the Payment Exception Service.   Manual Claims If you’re not receiving a qualifying benefit, you may need to make a manual claim for Winter Fuel Payment.   Payment Amount The amount you receive will depend on your age and circumstances during the qualifying week of September 18-24, 2023. You may receive a payment of either £250, £300, £500, or £600.   Benefits Related to Winter Fuel Payment Here are some benefits of winter fuel payment in the UK.   Relief from Fuel Poverty This payment helps alleviate fuel poverty, which can have serious health implications.   Peace of Mind Knowing you’ll receive a payment to help with heating costs can bring peace of mind and reduce stress during the winter months.   Independence Winter Fuel Payment enables you to maintain your independence, staying in your own home without worrying about the cost of heating.   Health Benefits By keeping your home warm, you can reduce the risk of health problems associated with cold temperatures. For example flu, pneumonia, and hypothermia.   Convenience The payment is usually made automatically, so you don’t need to worry about claiming it or dealing with paperwork.   Targeted Support Winter Fuel Payment is targeted at those who need it most. This ensures support reaches those who are most vulnerable to fuel poverty.   Dignity This payment helps maintain your dignity, allowing you to heat your home without relying on others or going without other essential expenses.   The Bottom Line In conclusion, is winter fuel payment taxable, as winter fuel payment is a vital support system for individuals in the UK? This payment is a lifeline for many, especially the elderly and vulnerable. This is who may struggle to afford the rising costs of energy bills. If you understand the eligibility criteria, payment amounts, and tax implications, individuals can make informed decisions about their financial …

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how much is emergency tax

How Much is Emergency Tax?

27/06/2024Accounting , tax , Tax Saving Tips , Taxation

Are you wondering how much is emergency tax if you’re starting a new job, receiving benefits, or becoming self-employed and want to understand how your tax is affected? Emergency tax is a temporary measure put in place by HMRC. This is to ensure individuals pay some tax until their correct tax code is sorted out. It’s a common experience for many people in the UK. But it can be confusing and stressful if you’re not prepared. In this discussion, we’ll break down the ins and outs of emergency tax, exploring what it is, how it works, and most importantly, how to reclaim any overpaid tax. If you’re a taxpayer, an employer, or simply looking for a better understanding of the UK tax system, this conversation is for you. So let’s dive in and demystify emergency tax together.   Talk to our best accountants and bookkeepers in the UK at CruseBurke. You will get instant help about how much is emergency tax in the UK.   What are the Circumstances Leading to Emergency Tax? The circumstances that lead to emergency tax in the UK are broken down in the following:   New Job or Employment When you start a new job, your employer may not have all the necessary information to give you the correct tax code. In this case, they will use an emergency tax code to ensure you pay some tax until your correct code is sorted out. This is especially common if you’re starting work for the first time, returning to work after a break, or switching jobs.   Benefits and Pensions If you receive benefits like Universal Credit, Employment and Support Allowance, or a state pension, you may be put on an emergency tax code. This is because these benefits are taxable, and HMRC needs to ensure you’re paying the right amount of tax.   Self-Employment When you become self-employed, you’ll need to notify HMRC and register for Self Assessment. Until you’ve done this and received your correct tax code, you may be put on an emergency tax code. This is to cover any tax owed on your self-employment income. Other situations that may lead to emergency tax include: Receiving a taxable lump sum, like a redundancy payment Starting to receive income from renting out a property Having a change in your income or tax circumstances that HMRC isn’t aware of Failing to complete a Self Assessment tax return or pay the tax owed In all these cases, HMRC may apply an emergency tax code to ensure you’re paying some tax until your correct tax code is sorted out. It’s good to note that emergency tax codes are temporary and can be corrected once you’ve provided the necessary information to HMRC.   How Much is Emergency Tax? The emergency tax rate in the UK for the 2024/25 tax year is 1257L/M1. This rate is applied to your income until HMRC confirms your correct tax code. When the emergency tax code is applied, you will pay: 0% on the first £1,047.50 of your income (personal allowance) 20% on the next £3,141.67 (basic rate) 40% on the next £7,286.67 (higher rate) 45% on any income above £18,524.16 (additional rate) Let’s say you receive a pension income of £30,000. Using the emergency tax code 1257L M1, the tax calculation would be: Personal allowance: £1,047.50 (0% tax) Basic rate: £3,141.67 (20% tax = £628.33) Higher rate: £7,286.67 (40% tax = £2,914.67) Additional rate: £18,524.16 (45% tax = £8,335.87) Total tax payable: £11,878.87   What are the Scenarios of Emergency Tax in the UK? Example 1: New Job, New Tax Code Meet Sarah, who just started a new job as a marketing manager. Her employer doesn’t have her correct tax code yet, so they put her on the emergency tax code 1257L/M1. Sarah’s monthly salary is £3,500. Until her correct tax code is sorted out, she’ll pay £642 in tax each month (£7,704 per year). Once her correct tax code is applied, she’ll pay £495 in tax each month (£5,940 per year), and she may even be eligible for a tax refund. Example 2: Pension Income John, a retired teacher, receives a £20,000 annual pension. HMRC applies the emergency tax code 1257L/M1, and John pays £4,200 in tax (21% of his pension income). After submitting his tax return and confirming his correct tax code, John pays £2,400 in tax (12% of his pension income), and he receives a £1,800 tax refund. Example 3: Self-Employment Emily starts her own business as a freelance writer. She registers for self-assessment but doesn’t receive her correct tax code immediately. HMRC applies the emergency tax code 1257L/M1, and Emily pays £2,500 in tax on her first £10,000 income. Once her correct tax code is applied, she pays £1,500 in tax and may be eligible for a tax refund. Example 4: Benefits and Tax Credits David receives Universal Credit and works part-time. HMRC applies the emergency tax code 1257L/M1, and David pays £1,200 in tax on his £8,000 income. After his correct tax code is applied, he pays £600 in tax, and he receives a £600 tax refund.   How Can I Claim Overpaid Tax? If you’ve been put on an emergency tax code, you may have paid too much tax. This can happen when your employer uses the wrong tax code or when HMRC hasn’t updated your tax code after a change in your circumstances. The good news is that you can reclaim the overpaid tax. First, check your payslip or P60 to see if you’re on an emergency tax code (1257L/M1). If you are, and you think you’ve paid too much tax, contact HMRC to confirm. To reclaim overpaid tax, you’ll need to fill out the correct form: P50Z: If you’re no longer working for the employer who overpaid tax. P53Z: If you’re still working for the employer who overpaid tax P55: If you’re self-employed or receiving a pension You can download these forms from the HMRC website or request them by phone. To complete …

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