Tag: Tax Return

working from home

Working from Home

Overseeing office work from home is very beneficial and with the passage of time, many entrepreneurs are realizing this importance. Although it becomes quite hard to sustain a wall between your professional and personal life, you will get it when working in an extra room, a house, or maybe a building will not cost you […]

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HMRC Self Assessment Tax Returns Penalties

HMRC Self Assessment Tax Returns Penalties

As most of us know HM Revenue and Customs (HMRC) is UK’s Government department for dealing with the state taxes for all individuals & businesses, it collects the money paid by the UK public and assists targeted families and people with financial support. HMRC runs a system called Self Assessment tax return for collecting income […]

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Marriage Allowance

Marriage Allowance

HMRC is having the drive to encourage people to claim the marriage allowance.  Introduced in 2015, the marriage allowance enables one partner in a married couple or civil partnership to transfer part of their personal allowance to the other partner. It is worth claiming if one partner is not able to use all of their […]

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A Brief Introduction of UK Taxation System

A Brief Introduction of UK Taxation System

Know about a Brief Introduction of UK Taxation System UK government collects revenues mainly from: Income tax, National Insurance contributions, Value-added tax (VAT), and Corporation Tax Income Tax An income tax is a tax that governments impose on income generated by individuals or entities i.e. wages, salaries, commissions, dividends, interests, rents, etc. The income Tax […]

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Late Filing Penalties for VAT Return

You usually submit a VAT Return to HM Revenue and Customs (HMRC) every 3 months. This period of time is known as your ‘accounting period.’ The VAT Return records things for the accounting period like: your total sales and purchases the amount of VAT you owe the amount of VAT you can reclaim what your VAT refund from HMRC is You must submit a VAT Return even if you […]

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Capital Gains Tax

Tax Returns – Capital Gains Tax

Capital Gains Tax is the tax levied on profit from the sale of property or an investment. There are two specific types by which you can own property and may make a gain on its disposal or even before it is actually sold. When Someone Dies: When someone dies, the assets they own pass to […]

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Directors' loan accounts and Corporation Tax implications

Directors’ loan accounts and Corporation Tax implications

The director’s loan account is the amount paid to director other than salary and dividend, it can be  cash payments other than your salary or dividend  expenses that you may have paid for using company funds that are actually for personal use  money is withdrawn for your personal use – for example, to renovate your […]

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Income Tax Rates & Allowances For Year 2013-14

Income Tax Rates & Allowances For Year 2013-14

INCOME TAX RATES & ALLOWANCES Every individual is liable to pay tax on the income he earns in a year through various sources. Not all income is taxable and you’re only taxed on taxable income above a certain level. There are various reliefs and allowances that can reduce your Income Tax. Various sources of an […]

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