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!
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 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 […]
Opt to tax, How is it tax effective for a business owner?
Buying a commercial VAT-free could advantageous for either a prospective buyer or the intending seller. This might be due to the mortgage that the buyer has access to and adding an extra 20% could be a major additional cost to the property. In this blog, we would like to explain how to buy commercial property […]
Seven hidden causes of almost all the penalties received by VAT-registered business owners!
Business owners that are VAT registered are required to submit VAT returns regularly to the revenue. The frequency of submitting the returns could be monthly, quarterly or yearly but when these returns are submitted, they must be accurate and when mistakes are made penalties are charged by the revenue. A lot of business owners that […]
What everybody ought to know about rental income in the UK
Rental income in the UK is earned by landlords that receive income from tenants of their rental properties or land. This income is taxable and the rate of tax paid is determined by the other income earned in the tax year by the landlord. How rental income is taxed in the UK The rent received […]
Would you like to reduce tax on your rental income?
Earning rental income is one of the common ways that taxpayers in the UK make additional income. However, this income from rental properties is a taxable income in the UK. The tax rate applies varies, it could either be 20%,40%, or 45%. The reason for the application of different tax rates is because when computing […]
The effect of increase in national insurance rate on employees in the UK
Have you heard about the news on increase in national insurance deduction from April 2022 and worried how this would affect your net pay? In this blog, we would like to explain how and why national insurance is deducted in the UK and the effect of these changes that have been made, and how they […]
Are you an overseas seller and sell goods less than £135 in value to UK customers?
Vat changes made to administration for items less than £135 in value Vat registered businesses in the UK that trade within the overseas sellers are having changes in the way they account for VAT in January 2021. The main issue is that the revenue has made so vat changes in the way overseas sellers will […]