For freelancers working in the UK, it is crucial to have a clear understanding of tax requirements and regulations to prevent legal violations and fines. This handbook offers a comprehensive summary of all the necessary information related to tax for freelancers in the UK. Registering for Self Assessment as Self Employed In case you work […]
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Introduction Directors’ loan accounts are a common source of funding for UK businesses, particularly for smaller companies. In this article, we will explore what directors’ loan accounts are, their uses, potential risks, and obligations associated with them. The utilization of directors’ loan accounts is frequent among UK businesses, especially for smaller entities. This article aims
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The HMRC has implemented a fresh method of point-based punishments for companies that delay submitting their VAT returns. This updated system replaces the past rigid penalties with a more adaptable approach, designed to motivate businesses to file their returns punctually. According to the new process, if a business fails to meet the deadline for submitting
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The IHT is a tax imposed on the assets left by a deceased individual. In the UK, it is applicable to the estate’s value exceeding the tax-exempt limit, and the current tax rate stands at 40% for estates surpassing £325,000. Nonetheless, it is feasible to decrease the IHT payment through effective planning. This write-up will
How Can I Reduce My Inheritance Tax (IHT) Bill? Read More »
As part of his Budget on 15th March, Chancellor Jeremy Hunt announced the following significant changes to the amounts individuals may save into their pensions. Annual Allowance The highest amount of pension savings a person can make annually without experiencing a tax penalty is known as the Annual Allowance. Starting in April 2023, there will
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Initially planned to launch in 2018, Making Tax Digital for income tax self-assessment (MTD for ITSA) has faced various challenges in its implementation. Although MTD for VAT was successfully introduced for returns starting on or after 1 April 2022, MTD for ITSA has been delayed five times over the past five years. As a result,
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Introduction Definition of crowdfunding: Crowdfunding is an approach for collecting money from a lot of people, usually via an internet platform. It entails funding a project or business endeavor using modest contributions from a large number of people, typically online. In recent years, crowdfunding has gained popularity as a means for entrepreneurs, startups, and creatives
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In recent years, cryptocurrency has grown in popularity as an investment choice, with many people seeking to benefit from the potential profits available. But just like with any investment, it’s crucial to comprehend how purchasing and selling cryptocurrencies will affect your taxes. Cryptocurrency is taxable in the UK, and the amount of tax you must
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Full expensing, also referred to as immediate expensing or 100% bonus depreciation, is a tax policy that enables companies to write off the entire cost of qualifying investments in the year they are made rather than spreading the cost out over a number of years. In recent years, this policy has generated a lot of
The Impact of Full Expensing on Corporation Tax and Capital Investment in the UK Read More »
As a sole trader, you are responsible for managing all aspects of your business, including paying taxes. Unlike employees who have their taxes deducted by their employers, sole traders must ensure that they file their taxes and pay them on time. Failure to do so can result in penalties and interest charges. Here are some
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