Understanding the Tax Effect of Side Hustling in the UK
In today’s world, the concept of side hustling has become increasingly prevalent. Whether it’s baking cakes on weekends, providing professional training, driving for rideshare services like Uber, or delivering packages for Amazon, many individuals are turning to side hustles to supplement their income. However, what some may not realize is that the income generated from […]
MORE TIME FOR STAMP DUTY TAX REFUNDS
Stamp duty tax on land and properties is the tax that is paid on properties that cost over £125,000 in the UK. This simply means that when an individual buys their first property that costs less than £125,000, they do not have to pay stamp duty. The rate of stamp duty tax paid on the […]
7 THINGS YOU NEED TO KNOW NOW THAT YOU ARE UNDER 1R35 LEGISLATION
NOW THAT YOU ARE CAUGHT UNDER IR35 LEGISLATION, WHAT NEXT? It is not news again that the IR35 legislation is changing from April 2020. If you would like to read about these changes you can click or watch a video kindly click In this blog post, I have explained 7 things that contractors that are […]
PLANNING TO SELL A PROPERTY , YOU SHOULD READ THIS!
Are you selling residential properties this year? There are proposed new changes to declare capital gain on residential property sold from April 2020. These changes will be very massive and would affect individuals selling residential properties. Who will be affected when selling residential properties? People affected by these changes include individual taxpayers, not companies disposing […]
IR35 IN PRIVATE SECTOR CHANGES FROM APRIL 2020
The IR35 legislation that has been used by HMRC since 1999 as an anti-avoidance tool for contractors that run their business through a limited company. In April 2017, The HMRC introduced some new changes to the way IR35 was applied in the public sector. How IR35 legislation in the private sectors would affect businesses. To […]
TAKE 10 MINUTES TO SET UP AN AMAZING TOOL THAT WOULD SAVE YOU MONEY
Personal tax account, a new tool created by HMRC. A personal tax account is one of the new tools that HMRC is using to apply to make tax digital for Individuals. HMRC are investing so much in technology and innovation and they launched out using dynamic coding for PAYE(pay as you earn). This means they […]
NOT TOO LATE TO SAY HAPPY NEW YEAR
The tax code at the start of the new tax year comes with different compliance requirement which includes changes in the tax code. In Uk, the tax year begins on the 6th of April every year. we would be explaining some of these changes. The tax code in the new tax year. In 2018/19, the […]
The changes in the IR35 legislation in public sector post April 2017.
IR35 legislation in the public sector changed after April 6th, 2017, Most of the contractors that worked in the public sector were automatically caught by the IR35 legislation. The consequence of these reforms was that the employer deducted tax and national insurance from gross fees. Options contractors had after the changes to IR35 legislation in […]
IR35 legislation and the changes ahead
Background to IR35 Legislation. UK government first introduced the IR35 legislation in April 2000. This law is an anti-tax avoidance to ensure that employees pay the right amount of tax. It requires workers that work with a specific arrangement to be treated as employees rather than self-employed. The arrangement is affected by IR35 Legislation. […]