Jeremy Hunt’s Autumn Statement earlier this week has shone a light on National Insurance, but what is National Insurance and what do the changes mean? National Insurance contributions allow people to qualify for certain benefits and the State Pension. There…
In the UK, individuals and entities who meet certain criteria are required to register for self-assessment tax returns. Here's a general overview of who may need to register: Self-Employed Individuals: If you are self-employed and earn more than £1,000 you…
Corporation tax in the UK is a tax levied on the profits of limited companies, foreign companies with a UK branch or office, and some other organisations like clubs and associations. It is not applied to sole traders or partnerships;…
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…
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…
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…
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,…
Capital allowances are tax deductions that a business can claim for the wear and tear or depreciation of its fixed assets. Fixed assets include items such as buildings, machinery, and equipment that a business uses to generate income. When a…
