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. […]
INVESTING IN TRAINING
The training cost is one of the costs that is incurred by business owners. This cost is important as it helps to increase the skills of the employees at the workplace. In this blog, we will like to explain some of the consequences of investing in training costs and how to reduce the tax due […]
WHAT TO WATCH OUT FOR WHEN INVESTING ON CAPITAL EXPENDITURE
Capital expenditure in business is very important to make them more productive. Capital allowance is a relief that is given to business owners who purchase assets to be used in the business. Businesses in the UK spend a lot of money on capital investments from time to time to run efficiently and maximize their profit. […]
Something You Probably Didn’t Know about Value added Tax in Uk.
Value Added Tax Value Added Tax (VAT) in the UK is a tax that is paid by consumers as soon as they buy an item that is a taxable supply. The tax is not meant to be suffered by a taxable business rather it’s the final consumer that suffers the burden of VAT. It’s like […]
Before the tax year runs out
The tax year in the UK runs from 6 April to 5 April and, as we are approaching the start of a new year, Our Northampton accountants have taken a look at tax planning ideas for business owners and individuals to help them save tax. Tax year Planning Tips 1. Tax code: This code is […]
Property let campaign,Taking the offer before it is too late
Property let campaign in the UK, individuals that earn income from letting property normally pay tax on their rental income. The tax would be applied to 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
In the UK, every time an individual makes a qualifying contribution to 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 tax relief. To be able to enjoy this relief you should have actually earned £3,600 in a year or […]
NEW YEAR, NEW YOU!
Starting a new business, taking on a new challenge! As we start the New Year, we might feel that we need to start a new business. As a result, this decision might be you quitting your old job and starting a new business. What to do as you leave the old and start a new […]
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 […]