HOW YOUR PERSONAL ALLOWANCE AFFECTS THE TAX YOU PAY!
Personal allowance and tax band explained. The Personal Allowance is the amount of income everyone is entitled to receive free of tax each year. the amount for the tax year 2018/19 is £11,850. Every individual living in the UK is entitled to a personal allowance. If it is not fully used, then the unused allowance cannot be carried […]
ARE YOU AN EMPLOYEE OR SELF EMPLOYED?
Employment status key test. Who is an Employee? An employee is an individual who works part-time or full-time under a contract of employment, whether oral or written, express or implied, and has recognized rights and duties.Often people mix this up as they are not sure what category they are on. I have been often been […]
WHAT TO DO WHEN YOU PAY TOO MUCH TAX.
When a business or individual pays too much tax in a year they could claim a relief referred to as Overpayment relief. To be able to make this claim, it must be made in writing within 4 years after the relevant tax year. To make this claim, certain conditions must be met. Conditions for Overpayment […]
5 Ways Even Sole trader And Individuals Can Pay Lower Tax.
Sole traders and individuals in the UK can also save tax by having a good tax plan. In this blog, I have explained how this can be achieved. Main Tax Paid by Sole traders A sole trader usually pays mainly three types of tax. Income tax for Sole traders A sole trader would pay income tax […]
TAKE 10 MINUTES TO SET UP AN AMAZING TOOL THAT WOULD SAVE YOU MONEY
Personal tax account, a new tool created by HMRC. A personal tax account is one of the new tools that HMRC is using to apply to make tax digital for Individuals. HMRC are investing so much in technology and innovation and they launched out using dynamic coding for PAYE(pay as you earn). This means they […]