Trade, activity or hobby?
Many of us have hobbies or activities that we enjoy doing in our spare time and which have evolved into a trade. In the UK, you are expected to inform HMRC if you are engaged in a trade and you should expect the profit from the trade to be taxed. Interestingly, many do not monitor […]
Payment on account explained
Payment on account is a system that is used by the revenue to ensure that taxpayers under Self-assessment pay towards tax and national insurance for the next tax year. The amount of payment on account applied for the taxpayers is based on previous tax years due to the HMRC. Illustration of payment on Account. Jane […]