Stamp Duty Land Tax (SDLT) Guide for Property Buyers
Stamp Duty Land Tax UK Understanding Stamp Duty Land Tax (SDLT) in the UK Stamp Duty Land Tax (SDLT) is a crucial financial factor when purchasing property in England and Northern Ireland. SDLT applies to the transfer of properties above specific thresholds, with rates varying depending on property type, buyer status, and transaction value. Whether […]
Navigating Your First Job in the UK: Understanding Taxes for Employees
Moving to the UK marks an exciting chapter in your life, but along with settling into a new culture and workplace, understanding the tax system is crucial. Whether you’ve secured a job offer or are in the midst of job hunting, grasping the basics of taxes as an employee can streamline your transition. Here’s what […]
A Guide to Setting Up as a Sole Trader in the UK
Are you considering starting your own business in the UK? One of the simplest and most popular business structures is setting up as a sole trader. In this guide, we’ll walk you through the process of becoming a sole trader in the UK, including registration, tax obligations, and more. Understanding Sole Trader Business Structure: When […]
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 […]
Navigating Employment Status: Employed or Self-Employed in the UK?
In the dynamic landscape of work in the United Kingdom, understanding your employment status is crucial. The distinction between being employed and self-employed goes beyond mere semantics; it significantly influences the way you are taxed, your national insurance contributions, and the rights and benefits you are entitled to. In this blog post, we delve into […]
How to prevent paying taxes after death, inheritance tax?
In the UK, when an individual that is domiciled in the UK dies, they are charged inheritance tax also known as a death tax. The death tax is applied at 40% on their estates from their worldwide income. In some cases, an individual could also pay inheritance tax on their estate whilst they are still […]
Claiming back VAT paid on goods and services before VAT registration?
Vat registration in the UK is important. Value-Added Tax (VAT) in the UK is a type of tax that is paid by individuals that buy taxable supplies. This means that for every time you pay for a transaction that is a taxable supply, you pay VAT on it. For example, if an individual visits a […]
Setting up a limited company in the UK, steps to be taken.
Setting up a limited company in the UK,& things that you need to know. Starting something new can be a very daunting process for anyone. The reason why most people are nervous about having a limited company is because of all the compliance issues involved. Also, most people have heard about daunting stories of penalties […]
Setting up a business, when to inform the HMRC?
Setting up a business in the UK, When a new business is set up, the common question asked is when to inform HMRC of the new business. If you set up as a limited company, your details would be passed to HMRC during registration. The issues discussed in this blog relate to those that want […]
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 […]