National Insurance (NI) is a tax system in the United Kingdom that funds the State Pension, NHS, and various welfare benefits. Contributions are made by both employees and employers, and the rates depend on earnings and employment status. However, certain payments made by employers are exempt from National Insurance contributions. Understanding these exemptions can help […]
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Learn how to claim pension tax relief in the UK for 2024/25. Discover the difference between Net Pay & Relief at Source, how higher earners can reclaim extra tax relief, and key HMRC rules. How to Claim Pension Tax Relief in the UK (2024/25) – A Complete Guide Saving into a pension is one of
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In October 2024, HMRC announced the abolition of the furnished holiday lettings tax regime. This significant policy change is set to take effect from April 2025, marking a pivotal shift in how short-term rental properties are taxed within the UK property business landscape. The new regulations aim to align the tax treatment of furnished holiday
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When it comes to managing finances, finding an affordable accountant who still delivers competent, reliable service can make a big difference to your bottom line. However, not all “cheap” accountants are created equal. If you’re looking for budget-friendly accounting services, an AAT-registered accountant can provide exceptional value without high costs. AAT (Association of Accounting Technicians)
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If you’ve been working in the UK as an employee and had tax deducted from your pay, but you’re planning to leave the UK partway through the tax year, you might be eligible to reclaim some of the tax that was taken from your earnings. The UK operates a “pay as you earn” (PAYE) system
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If you’re self-employed or run a small business in the UK, managing your expenses is an important part of saving money on taxes. One way to make this easier is by using simplified expenses. These are flat rates set by HMRC, so you don’t have to work out exact costs or keep loads of paperwork.
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That is all about to change with the development of the country toward a more digitized economy and how taxes are managed; that surely will change the face of obligation for all self-employed workers and small-scale businesses. The scheme involved is Making Tax Digital, which would give face to a new manner of filing tax
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Outline Should you voluntary register for VAT? What is VAT? Voluntary VAT Registration Benefits of Voluntary VAT Registration Disadvantages of Voluntary VAT Registration How to Register for VAT Working out VAT Returns Conclusion FAQs (Frequently Asked Questions) Should you voluntary register for VAT? Put simply, VAT happens to be a major factor in UK business
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Outline What is a UTR When Do You Need a UTR? How to Get a UTR from HMRC What to do If You Lose Your UTR? Things to keep in Mind How FAAS Accountants Can Help? What is a UTR? A Unique Taxpayer Reference (UTR) is a 10-digit number issued by HMRC (Her Majesty’s Revenue
Outline Introduction Understanding CIS Refunds Eligibility for a CIS Refund How to Apply for a CIS Refund Different Methods for Submitting a CIS Refund Application Additional Tips and Considerations Common Mistakes to Avoid in Your CIS Refund Application Conclusion FAQs (Frequently Asked Questions) Introduction A CIS refund is a tax refund available to individuals and
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