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National Insurance, or NI for short, is a tax on earnings that funds various State Benefits. Employees, the ...
The Cycle to Work Scheme
The Cycle to Work scheme helps employees purchase bicycles and equipment through a ...
What is the Lower Earnings Limit?
The Lower Earnings Limit (LEL) is the minimum amount an employee must earn to ...
What is Maternity Allowance?
Maternity Allowance supports pregnant women and new mothers who do not qualify for ...
The Personal Allowance is the amount of income you can earn each tax year before paying Income Tax. For the ...
HMRC uses the Self Assessment system to collect Income Tax and requires taxpayers to complete a yearly tax return. ...
Does Tax Apply to Marketable Securities?
Yes, tax does apply to Marketable Securities. Marketable securities ...
What is Football Transfer Tax?
Football Transfer Tax refers to the tax implications and regulations surrounding ...
Tax in the UK follows a progressive structure, meaning the more you earn, the higher the percentage of tax you pay ...
Holiday Accrual on SSP
When employees are unable to work due to sickness, they may be eligible for Statutory Sick ...
What is a P11D?
The P11D form is used by employers to report expenses and benefits provided to directors and ...
What is the VAT Flat Rate Scheme?
The VAT Flat Rate Scheme (FRS) simplifies the way small businesses manage their ...
Corporation Tax is a tax on company profits, payable to HMRC. Unlike Income Tax, businesses do not receive a bill ...
What is Double Entry Bookkeeping?
Double Entry Bookkeeping is an accounting technique that records each financial ...
Student loans are primarily provided by the government to help cover the cost of higher education. These loans are ...
Marriage Allowance Transfer
Marriage Allowance transfer allows one spouse to transfer a portion of their Personal ...
What is Marriage Allowance?
Marriage Allowance is a government initiative aimed at reducing the tax burden for ...
Trivial benefits are small gifts or perks provided to an employee that costs £50 or less. To qualify as a trivial ...
Tax on Tips and Gratuities
All tips and gratuities, whether received in cash directly from the customer or added ...
Child Benefit is valuable support for families raising children in the UK. But if HMRC considers your income high, ...
Dividends are payments that limited companies distribute to their shareholders from their profits. If a company ...
What is Net Profit?
Net Profit is the amount of money that remains from a business' revenues after all operating ...
What is Gross Profit?
Gross Profit refers to the total revenue subtracted by the cost of goods sold (COGS). These ...
The Construction Industry Scheme, or CIS for short, is a tax deduction system which ensures that contractors ...