Payments on account (POAs) for the selfemployed or those taxpayers who have significant income from sources other than employment have been compulsory for nearly 30 years. POAs are advance payments towards the final tax bill, made twice a year (in January and July) based on the previous year’s tax liability. The payment dates could not […]
Business Strategies: Spreading Tax Payments Read More »
There are various reasons why HMRC may issue a tax penalty. You may receive a penalty if you file your tax return late, your tax return is inaccurate, you are late paying tax that you owe or you fail to keep accurate records. If you do not agree with the penalty, you can appeal against
How to Appeal a Tax Penalty Read More »
Even if you pay all your tax through PAYE, you may still need to complete a Self-Assessment tax return if you are a high earner. For 2022/23 and earlier tax years, this is the case if your income is more than £100,000. However, for 2023/24 onwards, the trigger threshold is increased to £150,000. Unless you
Do You Need to Complete a Tax Return? Read More »
If you are associated with the film industry, you must have the idea that being a freelancer in this industry is actually a big factor. This is especially for the individuals who are working behind the screen. The case of the general self-employed workforce is different in this scenario. This is because the employment status,
How is Tax Different for Film Industry Jobs? Read More »
Legislation surrounding ‘Trivial Benefits’ was introduced to save employers from having to report relatively small amounts given to employees as taxable on a form P11D. Under the rules there are no tax or NIC consequences for the employee receiving the benefit of the gift: costs less than £50 (HMRC consider this amount to be the
‘Trivial Benefits’ – PAYE Read More »
Under the PAYE ‘Real Time Information’ scheme employers report to HMRC electronically before making any salary or wage payments. To ensure that the right amount of tax is deducted the employer uses the Code issued by HMRC. However, every PAYE Code Number is an estimate, since HMRC cannot guarantee the allowances or deductions included in
‘Dynamic’ PAYE Tax Coding Read More »
