It has been estimated that many businesses and commercial property owners fail to claim back their deductible expenses every year. The primary reason behind this ignorance is the complex structure of tax legislation and the ambiguous requirements of capital allowances on commercial property. A number of capital allowances are offered by the HMRC and they
Don’t Miss Capital Allowances on Commercial Property Read More »
Starting a second job will change your tax bracket and the tax code. Ultimately, making your tax records a little bit confusing to calculate in the UK. This is the reason why many people ask about the second job tax rate before they start a contract with the second employer. Not only the tax rates
How Much Tax Do You Pay On a Second Job? Read More »
What is a BR tax code? If you have received a BR tax code from your employer, you are paying tax as a Basic Rate Taxpayer. The basic rate taxpayer charges the tax of 20% on your salary or on the pension. Different types of tax codes are used when you are working under the
What is Tax Code BR? Read More »
In the process of taking a pension lump sum, there are chances of tax payments that are way too much than the required amount of tax. However, you do not need to worry if this has happened to you as you can opt for the solution as a pension tax refund. You can simply claim
Claiming Back Tax on a Small Pension Lump Sum Read More »
The wise use of inheritance gifts can save you and those persons, who inherited the gifts after your demise, from the heavy inheritance taxes. In this blog, we will guide you on how you can get or give tax-free gifts. Giving gifts as inheritance or will is liable to capital gain tax or inheritance tax.
What is Inheritance Tax Planning and How to Give Tax-Free Gifts? Read More »
Businesses become companies for a variety of reasons. Not so long ago it was mainly as a tax planning tool but increasingly the differences in tax rates between the self-employed and a company mean that unless the profit is in excess of approximately £50,000 the increased administration involved with a company may not make it
Conditions And Problems Surrounding the Claim for Incorporation Relief Read More »
Cryptocurrencies, such as Bitcoin, are a type of electronic cash; designed to stand apart from any government or bank they work through a computer network. Records confirming Individual ownership of the ‘coins’ are stored in a digital ledger with secure transaction records. Coins can be bought or sold with other currencies, used to purchase goods from sellers who are
Cryptocurrency – What is a Sale – Gain or Income? Read More »
When letting property, the aim is to make a profit. However, as recent years have shown, life is unpredictable and things do not always work out as planned. Where losses are made, it may be possible to obtain tax relief for those losses. General Rule The general rule for losses incurred in a property rental
Making Use of Property Losses Read More »
The rent-a-room scheme allows people to earn rental income tax-free when they let out a furnished room in their own home. You do not have to own the property – rooms sub-let in rented properties also count (but check that sub-letting is allowed under the terms of the tenancy agreement). You can also benefit from
Can You Benefit from Rent-A-Room? Read More »
The property income allowance allows you to earn a small amount of rental income tax-free each year. It is useful where the rent-a-room scheme does not apply (which is limited to the letting of furnished accommodation in your own home), and removes the need to report small amounts of rental income to HMRC. The
Making Use of The Property Income Allowance Read More »
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