Universal credit in the UK
Universal Credit in the UK is the system that the HMRC uses in making payments to individuals who are going through hardship in the UK. That was why during this hardship caused by COVID, a lot of individuals received support through the Universal Credit Claim universal credit. The covid has affected a lot of taxpayers’ […]
INCREASE IN EMPLOYMENT ALLOWANCE FROM 2020/21,
Employment allowance has now been increased from £3,000 to £4,000. This is Good news to some but not all businesses. These are some of the changes made by the newly appointed chancellor in the budget read a few days ago. This is good news for businesses that are eligible for employment allowance. THE BUSINESS THAT […]
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 […]
PRACTICING THE ACT OF PHOENIX: TARGETED ANTI AVOIDANCE RULE
Phoenix is an act that some business owners practice whilst trying to dispose of their business. An anti-avoidance rule was set up to put an end to this act when the business owners decided to sell liquidate or sell their business. When this occurs, the taxpayer could be chargeable under capital gain tax or income […]
Payment on account explained
Payment on account is a system that is used by the revenue to ensure that taxpayers under Self-assessment pay towards tax and national insurance for the next tax year. The amount of payment on account applied for the taxpayers is based on previous tax years due to the HMRC. Illustration of payment on Account. Jane […]
WHY SHOULD I PAY TAX ON CHILD BENEFIT I HAVE RECEIVED
Why should I pay tax on the child benefit? This is a common question that is asked by taxpayers. You only pay tax if one of these conditions are met: The taxpayer must be entitled to Child benefits. Or if the taxable income received by either partner is over £50,000. Types of partners that can […]
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 […]
3 Types of expenses that can be claimed by business owners !
Expenses are a crucial part of reducing the income tax and national insurance paid in the UK. Every business is different, so the expenditure claimed could be different. There are three rules that could help to ensure that you are claiming the right expenses. Why is claiming the right expenses important? The consequence of not […]
5 ANSWERS TO THE QUESTION ‘DO I HAVE TO PAY TAX AFTER I DIE?’
Inheritance tax introduced Inheritance tax is a tax that is paid on an individual’s estate either whilst alive or after their death. This estate would include all its worldwide assets. The common misconception is that the inheritance tax is paid only when we die. This is far from the truth because it’s also paid on […]