Marriage Allowance is a tax break designed to assist married couples and civil partners in optimizing their tax situation. The primary aim is to enable one partner to transfer a portion of their Personal Allowance to their spouse or civil…
At the end of this month the second payments on account for the 2022/23 tax year will be payable to HM Revenue and Customs for individuals who are liable to pay them. But, why do some people have to pay…
In the United Kingdom, the rules for determining whether someone is employed or self-employed are primarily based on the nature of the working relationship. Here are some key factors to consider: Control: Control refers to the degree of autonomy and…
Tax codes are alphanumeric combinations that are used by HM Revenue and Customs to determine how much income tax should be deducted from your earnings. If the code is wrong you may end up paying either too much or too…
When you earn rental income from a property in the UK, you are generally liable to pay tax on that income. However, you are entitled to deduct certain expenses from your rental income before calculating the taxable profit. These allowable…
The VAT domestic reverse charge is a mechanism that shifts the responsibility for accounting and reporting for VAT from the supplier to the customer in certain construction-related services. It is designed to combat fraud and tax evasion in the construction…
Capital gains tax is a tax imposed on the profit made from selling or disposing of certain assets. In the UK, capital gains tax is applicable to individuals, trustees, and personal representatives (in the case of an estate) who realise…
What Do Employees Need To Know? In the UK, there are two types of maternity pay: Statutory Maternity Pay (SMP) and contractual maternity pay. To be eligible for SMP, you must: Be an employee and not self-employed Earn an average…
Class 2 NI is a type of National Insurance contribution that self-employed individuals are required to pay in the United Kingdom. It is a form of insurance that provides certain benefits and entitlements, such as the State Pension, Maternity Allowance,…
A sales invoice is a critical document for any business that records the sale of goods or services to customers. When preparing a sales invoice, it's important to ensure that it contains accurate and complete information. Here are some of…
