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What are the personal allowance and tax codes for taxpayers in the UK?

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 […]

Claiming expenses to reduce tax and national insurance in the UK!

Claiming expenses

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

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 […]

Do you want to be a sole trader and quit your job?

Should I quit my job to start a new business?

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?

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

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

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 […]