When it comes to taxes, most people are familiar with Stamp Duty Land Tax (SDLT) on property purchases. However, the lesser known Stamp Duty Reserve Tax (SDRT) applies to buying shares and securities electronically. What is Stamp Duty Reserve Tax? Stamp Duty Reserve...
If you are planning to buy property or land in England or Northern Ireland, you may need to pay Stamp Duty Land Tax (SDLT). This tax can significantly impact your overall budget. What is Stamp Duty Land Tax? Stamp Duty Land Tax is a tax that buyers must pay when...
If you are self-employed, run a business or receive income is not taxed through an employer’s payroll, you have likely come across the term “Unique Taxpayer Reference” or UTR number. While it might sound technical, understanding what a UTR number is,...
Marginal Relief helps businesses with moderate profits pay less Corporation Tax. However, if you own multiple businesses, the Marginal Relief rules change. By knowing the rules, you can save your company money and avoid unexpected tax bills. What is Marginal Relief?...
If you are a UK taxpayer, you will not have to pay tax on your lottery winnings. Whether you win a small sum or a jackpot, the entire amount is yours to keep. This applies to prizes won from the National Lottery, EuroMillions, scratch cards or any other legal lottery....
Betting on horse races is a cherished pastime in the UK. It also forms a significant part of the sports betting industry. The UK’s taxation system for horse race betting is simple and bettor-friendly. Unlike in some countries, punters do not have to worry about...
With the tax year ending on 5th April 2025, now is the time to review your finances and take advantage of tax-saving opportunities. You should take advantage of tax planning to reduce liabilities and benefit from tax reliefs before the 5th April 2025 deadline. 1....
A Simple Assessment is a tax calculation sent by HMRC. It applies to those who owe tax that cannot be collected automatically through the PAYE (Pay As You Earn) system. Instead of requiring you to submit a full Self Assessment tax return, HMRC calculates the tax you...
Self Assessment forms are used to report income, calculate taxes and claim reliefs. All those completing a tax return must complete the main form, SA100. Depending on your sources of income, you may also need to complete supplementary Self Assessment forms to provide...
HMRC uses Self Assessment to collect Income Tax from employed and self-employed individuals. Your employer will automatically deduct tax from your earnings, if they are employing you. However, as a self-employed individual, it is your responsibility to report your...
Whether it’s a simple typo or forgetting details, errors can slip through the cracks. When it comes to your tax return, these mistakes can feel monumental, especially after the deadline has passed. However, amending your tax return can be an option, depending on...
As the deadline for filing a Self Assessment tax return online fast approaches, HMRC is urging taxpayers to remain vigilant against scams. Scammers often take advantage of this time to target unsuspecting individuals with fake tax rebate offers or threats of...
For the 2023/24 tax year, the income threshold for filing a Self Assessment tax return has increased from £100,000 to £150,000 for taxpayers taxed solely through the PAYE (Pay As Your Earn) system. If your income through PAYE is below £150,000 and you do not meet any...
Filing your Self Assessment tax return on time can help you avoid penalties from HMRC. These penalties can quickly add up, leaving you with more stress than just paying your tax bill. What Happens if You File Your Tax Return Late If you miss the Self Assessment...
Those who work as self-employed contractors will likely need to submit a Self Assessment tax return each year. This ensures that HMRC has a full view of the contractors income so they can calculate the appropriate tax. Do Contractors Need to Submit a Self Assessment?...
Contrary to popular belief, directors do not automatically need to register for Self Assessment. The need to register largely depends on the nature of your income. If you are a director with untaxed income, such as dividends from shares in your own company, you need...
VAT Penalty System Under the new rules, if you submit your VAT return late, you may incur penalties. This change applies to all VAT accounting periods starting on or after 1 January 2023. Whether your return shows a payable VAT amount, a nil return, or a repayment,...
HMRC uses the Self Assessment system to collect Income Tax and requires taxpayers to complete a yearly tax return. Self Assessment is for those who do not have their taxes automatically deducted from their earnings or for those with additional income sources....
Marriage Allowance Transfer Marriage Allowance transfer allows one spouse to transfer a portion of their Personal Tax Allowance to the other, providing a tax reduction if certain conditions are met. Who is Eligible? You may qualify for Marriage Allowance if:...
Tax on Tips and Gratuities All tips and gratuities, whether received in cash directly from the customer or added electronically via card or cheque, are subject to Income Tax. Depending on how these tips are managed and distributed, National Insurance Contributions...
Child Benefit is valuable support for families raising children in the UK. But if HMRC considers your income high, they may apply a tax charge called the High Income Child Benefit Charge. What is the High Income Child Benefit Charge? High Income Child Benefit Charge...
Payments on Account are advance payments towards your tax bill, based on your earnings from the previous year. HMRC assumes your income will remain the same and calculates your tax bill accordingly. Instead of paying your full tax bill in one lump sum, you make 2...
7th June VAT Deadline The 7th June marks the due date for VAT returns and payment for the quarter ending 30th April if the returns are filed electronically. This deadline applies to businesses that file their VAT returns electronically, which is now the norm under the...
HMRC use the Self Assessment system to calculate and collect tax on Rental Income. For landlords that earn more than £1,000 annually from rental properties, you must declare this income through Self Assessment. Failing to do so will result in hefty penalties. Do You...
