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Navigating Employment Status: Employed or Self-Employed in the UK?

In the dynamic landscape of work in the United Kingdom, understanding your employment status is crucial. The distinction between being employed and self-employed goes beyond mere semantics; it significantly influences the way you are taxed, your national insurance contributions, and the rights and benefits you are entitled to. In this blog post, we delve into […]

Common VAT Errors That Could Cost Your Business

For VAT-registered business owners, the responsibilities can be overwhelming, and errors in handling Value Added Tax (VAT) can result in substantial penalties from HMRC. In this blog post, we will explore the most common errors made by VAT-registered owners and discuss how to avoid them.   Lack of Proper Record-Keeping: One of the fundamental requirements […]

A Guide to Setting Up and Registering a Charity in the UK

Charity registration in the UK can be a complex and intimidating process, but it is a crucial step for organizations looking to make a positive impact on society. This blog post aims to demystify the process, providing a step-by-step guide for those considering establishing and registering a charity in the UK.   When to Register: […]

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 […]

Do Self-employed taxpayers pay national insurance tax in the UK?

Self-employed taxpayers are usually taxed differently from their counterparts that are employed in the UK. One of the main differences is they are in charge of declaring and paying taxes on the taxable income unlike the employed that is declared in real time to the HMRC by their employers. In this blog post, I will […]

How to claim pre-trading expenses in the UK?

Tax relief claimed by business owners helps to reduce the tax due for payment to the revenue. In this blog post, we would like to claim two different that could be claimed either by a self-employed or limited company in the UK. Pre-trading tax relief in the UK When a business owner incurs expenses 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 […]

Steps to take when you start receiving Rental Income from a UK property?

receiving rental income

Receiving rental income in the UK has become very lucrative because of the hike in rent and scarcity of rental houses. When landlords receive rental income from renting out properties in the UK, they are chargeable to income tax on the rental profit. The landlord could either be resident in the UK or a non-resident, […]

Another tax bill in July? Payment on account explained.

The HMRC uses the payment on account to receive money from sole traders during the tax year. Payment on account is a system that is used by the revenue to ensure that taxpayers under Self-assessment contribute towards future unearned tax and national insurance even with the assumption they would earn the same amount of income […]