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 […]
Self-assessment in the UK,When are you required to register ?
Self-assessment in the UK is a very important regime where HMRC allows taxpayers to self administer their tax due to them. However, Knowing when to register and be under the self-assessment regime in the UK is an important question that is asked by UK residents. This might be due to a change in circumstance or […]
WOULD LIKE TO KNOW 4 ERRORS THAT COULD BE IN YOUR TAX RETURNS
Making errors is part of being human, except making tax errors is unforgivable by the revenue at times. These errors could be made genuinely probably as a result of working under pressure to meet the 31st of January tax deadline. Luckily for this tax year, all taxpayers that do not meet the deadline will receive […]
Almost 800,000 people have claimed their tax relief from working from home. Have you claimed yours?
How can I claim my tax relief for working from home? In 2020, working from home became very popular due to the Coronavirus outbreak. Looking at the trend of hybrid working arrangements, working from home will not be leaving us any time soon. Even though some of us are slowly returning to the workplace, the […]
I AM SELF EMPLOYED AND AFFECTED BY COVID-19, HOW MUCH GRANT WOULD I BE RECEIVING?
The self-employed income support scheme was one of the last grants that were announced by the HMRC. The Chancellor confirmed that it was difficult to assess how the amount of grant that could be given to self-employed individuals in the UK due to the flexibility of their income. Who qualifies for the Self-employed income support […]
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 […]
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 pay interest on unpaid tax. […]
Taking the offer before it is too late
By Ola Sulaimon IN the UK, individuals that earn income from letting property normally pay tax on their rental income. The tax would be applied on the rental profit rather than the rental income. At Ronzl accounting firm in the United Kingdom, we also support individuals that are trying to take advantage of the property […]
Tax savings and relief for Pension contributions
Pension in UK In the UK, every time an individual makes a qualifying contribution into a registered pension, they enjoy tax relief. This relief is either enjoyed at the source or by claiming through your self-assessment. The restriction for Pension tax relief. To be able to enjoy this relief you should have actually earned £3,600 […]