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Navigating and Understanding HMRC Penalties for Errors on Tax Returns in the UK

It’s in everyone’s best interest to steer clear of penalties, and having a clear understanding of how HMRC penalties work is crucial for taxpayers. At Ronzl Accountants, we understand that nobody likes surprises, especially when it comes to tax matters. In this blog post, we’ll delve into the intricacies of penalties for errors on returns […]

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 […]

How to prevent paying taxes after death, inheritance tax?

inheritance tax

In the UK, when an individual that is domiciled in the UK dies, they are charged inheritance tax also known as a death tax. The death tax is applied at 40% on their estates from their worldwide income. In some cases, an individual could also pay inheritance tax on their estate whilst they are still […]

Have You Heard About the Super Deduction Tax Relief?

Super Deduction

  Super Deduction.  Claiming Super Deduction is a fantastic Tax Relief for business owners that invest in their business.  It is no surprise that more and more of our clients have recently been asking us about this relief.  In this blog post, I will be explaining what Super Deduction is and how you can enjoy […]

MORE TIME FOR STAMP DUTY TAX REFUNDS

stamp duty

Stamp duty tax on land and properties is the tax that is paid on properties that cost over £125,000 in the UK. This simply means that when an individual buys their first property that costs less than £125,000, they do not have to pay stamp duty. The rate of stamp duty tax paid on the […]

Expenditure in business, capital or revenue?

The nature of the expenditure that is spent in business is very important. The reason for this is that it determines the accounting and tax treatment. Most times we do not have a choice because we do need to acquire them to help our business grow. In this blog post, I would like to explain […]

WHY SHOULD I PAY TAX ON CHILD BENEFIT I HAVE RECEIVED

Tax on child benefit

Why should I pay tax on the child benefit? This is a common question that is asked by taxpayers. You only pay tax if one of these conditions are met: The taxpayer must be entitled to Child benefits. Or if the taxable income received by either partner is over £50,000. Types of partners that can […]

PLANNING TO SELL A PROPERTY , YOU SHOULD READ THIS!

Are you selling residential properties this year? There are proposed new changes to declare capital gain on residential property sold from April 2020. These changes will be very massive and would affect individuals selling residential properties. Who will be affected when selling residential properties? People affected by these changes include individual taxpayers, not companies disposing […]