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 […]

I AM SELF EMPLOYED AND AFFECTED BY COVID-19, HOW MUCH GRANT WOULD I BE RECEIVING?

Self employment income support scheme

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

IR35 legislation,changes in the private sector from April 2020

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 in 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 tax relief

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 […]