Navigating Your First Job in the UK: Understanding Taxes for Employees
Moving to the UK marks an exciting chapter in your life, but along with settling into a new culture and workplace, understanding the tax system is crucial. Whether you’ve secured a job offer or are in the midst of job hunting, grasping the basics of taxes as an employee can streamline your transition. Here’s what […]
A Guide to Setting Up as a Sole Trader in the UK
Are you considering starting your own business in the UK? One of the simplest and most popular business structures is setting up as a sole trader. In this guide, we’ll walk you through the process of becoming a sole trader in the UK, including registration, tax obligations, and more. Understanding Sole Trader Business Structure: When […]
Understanding the Tax Effect of Side Hustling in the UK
In today’s world, the concept of side hustling has become increasingly prevalent. Whether it’s baking cakes on weekends, providing professional training, driving for rideshare services like Uber, or delivering packages for Amazon, many individuals are turning to side hustles to supplement their income. However, what some may not realize is that the income generated from […]
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: […]
Why have I received a letter from HMRC about submitting tax returns for child benefits payment?
Child benefits and tax? If you’re wondering about the connection between this blog post will help clarify why you received a letter from the HMRC regarding paying tax on child benefits. For those unfamiliar with the UK tax system or with limited knowledge of UK tax, parents in the UK who are responsible for raising […]
What are the personal allowance and tax codes for 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 […]