What taxes do landlords have to pay in the UK? By being well informed about their tax obligations, landlords can minimise their tax liability, maximise their profits, and ensure compliance with HMRC regulations. Reach out to one of our professionals to get to know about what taxes do landlords have to pay in the […]
What Taxes Do Landlords have to Pay in the UK? Read More »
This discussion is based on the tax return deadline. The process of paying taxes and fulfilling all the demands related to it can turn out to be daunting at times. This guide will help you to gather everything that you need to know in this regard. Let us get started. Get in touch with
When is the Tax Return Deadline? Read More »
The tax system contains a number of exemptions, some of which are more useful than others. One of the more valuable exemptions is that for mobile telephones. As long as the associated conditions are met, an employee can use an employer-provided mobile phone for private use without being taxed on the associated benefit. However, there
Mobile Phones – A Worthwhile Benefit Read More »
Class 2 NICs are flat-rate contributions payable by the self-employed, currently charged at a rate of £3.45 a week. Non-payment (or credit) could mean entitlement to the state retirement pension (and other contributory state benefits) will be affected unless the individual is also paying Class 1 NIC because they are employed. The majority of self-employed
Class 2 National Insurance Voluntary Contributions Are No More Read More »
Entitlement to the state pension and certain contributory benefits depends on an individual having paid, or been credited with, sufficient National Insurance contributions. To qualify for the full single-tier state pension, an individual needs 35 qualifying years. A reduced state pension is paid where a person has less than 35 qualifying years, but at least
Should I Pay Class 2 NIC Voluntarily? Read More »
If their profits are high enough, the self-employed pay two classes of National Insurance contribution – Class 2 and Class 4. Class 2 contributions are flat rate contributions of £3.15 per week for 2022/23. It is the payment of Class 2 contributions that enables a self-employed earner to build up entitlement to the state pension
National Insurance Changes for the Self-Employed Read More »
Despite the increase in National Insurance Contributions (NIC) in the April 2022 Spring Statement (the increase being replaced by the Health and Social Care Levy in July 2022) there remains a significant financial advantage for individuals working as self-employed rather than as employees. However, complications can arise where an individual is both employed and self-employed
NIC Position If You Are Employed and Self-Employed, Maximum Contributions and Deferment Read More »
Although the National Insurance rates and thresholds for 2022/23 had already been set, at the time of the Spring Statement in March 2022, the Chancellor announced increases in the primary threshold which would align the starting point for National Insurance with the personal allowance from 6 July 2022. However, as the increase does not take
National Insurance Changes from July 2022 Read More »
To help meet the costs of health and adult social care, a new levy, the Health and Social Care Levy, is introduced from 6 April 2023. Payment of the levy, which is set at the rate of 1.25% of qualifying earnings, is linked to the payment of National Insurance contributions. Prior to the introduction of
Employed? What The Forthcoming National Insurance Increases Will Mean for You Read More »
The financial impact of the Covid-19 pandemic is unprecedented and borrowing levels in 2020/21 of 16.9% of GDP represent the highest level of peacetime borrowing. To meet some of this cost, the Chancellor, Rishi Sunak, announced in the 2021 Budget that various thresholds and allowances would remain at their 2021/22 levels until April 2026. Personal
Tax Allowances Frozen Until April 2026 Read More »
