Capital Gains Tax on 2nd Property

By Gary Robinson / June 15, 2024

Capital Gains Tax on 2nd Property Who does this effect, it effects landlords with one or more property’s or where they rent this out on a commercial basis for payment of rent for living there. individuals who have a second home, but this may not necessary be rented out but for their own use and…

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A Unique Tax Reference Number

By Gary Robinson / May 25, 2024

A Unique Tax Reference Number The Unique Taxpayer Reference (UTR) is a UK tax identification number, issued by the HMRC to identify a person or business entity, this identification number is needed when you need to complete a tax self-assessment. This will be your number, and this will be referenced on any letters they send…

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Spring Tax Update

By Gary Robinson / April 13, 2024

Student loan repayments for self-employed taxpayers are based on the profits reported in each tax year. For the tax years 2023-24 to 2027-28 this will be your normal profit plus the portion of the transitional profits you decide to bring into that year. The additional profit could cause a dramatic increase in your student loan…

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Spring Budget 2024 Update

By Gary Robinson / March 16, 2024

National insurance rates cut again The headline news from the Spring Budget was further cuts to national insurance contributions (NIC) of 2% each for self-employed taxpayers and employees. The main rate of primary Class 1 NIC paid by employees on earnings between £12,570 and £50,270 per year will be cut from 10% to 8% from…

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Running a Payroll Scheme

By Gary Robinson / February 10, 2024

Payroll If you are running a limited company, partnership or a sole reader employing people is the same process and principles. When you need to employee a person you will need to register this first with HM Revenue & Customs (https://www.gov.uk) and then once set up HM Revenue & Customs will send you’re the payroll…

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Self-Assessment Payment on Account

By Gary Robinson / February 3, 2024

Payments on Account What are payment on account in tax and on your self-assessment tax return. Payments on account’ are advance payments towards your tax bill (including Class 4 National Insurance if you’re self-employed). You have to make 2 payments on account every year unless: Each payment is half your previous year’s tax bill. Payments…

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Capital Gains Tax on Second Property

By Gary Robinson / December 9, 2023

Capital Gains Tax on 2nd Property Who does this effect, it effects landlords with one or more property’s or where they rent this out on a commercial basis for payment of rent for living there. individuals who have a second home, but this may not necessary be rented out but for their own use and…

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Making Tax Digital Announcement

By Gary Robinson / December 2, 2023

In a surprise turnaround, the requirement for an end of period statement (EOPS) has been dropped, removing the fifth report of full year earnings. This means there will now only be four quarterly reports, reducing the administrative burden. The decision follows a review of the impact of MTD for income tax self assessment (ITSA), the…

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Do you have a side income?

By Gary Robinson / October 27, 2023

Do you have a side income? If you do then you are probably aware of the requirement to disclose this on your Self-Assessment tax return. It is important to record any side income accurately and HMRC is going to be able to see exactly how much income you receive when using a digital platform from…

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Biggest Tax Raising Parliment

By Gary Robinson / October 14, 2023

The Institute for Fiscal Studies (IFS) has stated that this has been the biggest tax-raising parliament since records began, pushing UK tax revenues to historically high levels. They comment “At the time of the last general election, UK tax revenues amounted to around 33% of national income. By the time of the next election in…

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