THE SELF-ASSESSMENT SYSTEM IN THE UK
Self-assessment system is used by the HMRC to administer and collect tax from taxpayers in the UK. Most UK taxpayers’ tax is collected at the source, however, some taxpayer under this system have to administer their tax by themselves. If not administered well, they are given penalties and made to…
TAX CONSEQUENCES OF HAVING PENSION CONTRIBUTIONS IN UK
The tax consequences of Pension contributions. Pension contributions have tax consequences when contributed by taxpayers. Revenue gives tax relief for contributions made into a pension fund. Conditions for the relief The maximum tax relief that can be enjoyed will be based on a minimum of £3600 and the relevant earning…
UNDERSTANDING PENSION CONTRIBUTIONS IN UK
Pension contributions are the retirement plan for the future by putting something aside to live on when you grow old. The main idea with a pension is when individuals get old, they have less strength to work compared to when they were younger. To explain pension easier, Our Northampton accountants…
ARE LANDLORDS ALLOWED TO DEDUCT EXPENSES ON REPAIRS ON RENTAL PROPERTY IN UK?
Rental property improvements are usually done by landlords. The main reason for the improvements is to either make the property more suitable for tenants or to ensure the house is well maintained. The question most Landlords then ask is if they are allowed to deduct this cost as an expense….