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 […]
What are the personal allowance and tax codes for taxpayers in the UK?
Taxpayers in the UK are entitled to personal allowance when they qualify. The Personal Allowance is the amount of income each individual is entitled to receive free of tax each year. The basic Personal Allowance for the tax year 2023/24 is £12,570, this means that you are allowed to earn £12,570 tax-free in this tax year. The way this is applied is that […]
Would you like to know one of simple ways individuals can enjoy tax relief in the UK?
Receiving tax relief in the Uk Having an understanding of how to reduce your income tax could be one of your plans for the New Year because let’s be sincere nobody wants to pay more tax than they are expected to pay. One simple way of reducing the tax paid is by making claims from […]
Claiming expenses to reduce tax and national insurance in the UK!
ARE YOU PAYING TOO MUCH TAX IN YOUR BUSINESS? Claiming expenses in the business is a very crucial part of reducing the tax due to the HMRC. Usually, when the business owners do not claim expenses from the business, they may lose the tax relief dues when not claimed within the time frame. However, care […]
Five Steps to take before closing your limited company in the UK
Closing your limited company may be your plans for this new month, it might be due to trying new things and dissolving the business or just changing the way your business is been run. This might be as a result of COVID 19 or just the rate of inflation currently in the UK and as […]
Who else wants a lighter tax bill by getting married or having a partner?
Can you advise me on how to have a lighter tax bill? This question is asked by often by new clients in our first meetings and one of my fact-finding questions is to ask if they married or have a partner? Paying tax is part of our legal duty but paying the lighter tax due […]
Would you like to know how to reduce the cost of your car by claiming travelling cost
With the rise in the cost of living in the UK now, every little helps like a popular supermarket over here states. The cost of motoring is high and commuting between workplaces will invariably increase. In this blog post, I will like to write about how to reduce your cost of travel by claiming Qualifying […]
Do you want to be a sole trader and quit your job?
Starting anything new can be very daunting, so a lot of taxpayers always want to know the tax consequence of starting a new business. In this blog post, we will explain five things that you need to do start when starting a new business in the UK. Request for a P45 from your employer […]
Would you like to reduce tax on your rental income?
Earning rental income is one of the common ways that taxpayers in the UK make additional income. However, this income from rental properties is a taxable income in the UK. The tax rate applies varies, it could either be 20%,40%, or 45%. The reason for the application of different tax rates is because when computing […]