Business tax credits are government incentives designed to support companies of all sizes while encouraging particular behaviours, strategies or investments. They take various forms, including exemptions, allowances, and reliefs, but a common element is they reduce a company’s tax liability. Busin...
If you’ve worked for years growing your business, there may come a time when you want to step back and sell it to someone else. This can be a moment to enjoy the rewards of your endeavour over the years. However, selling a business does come with tax implications you ought to be aware of. [&hellip...
Ensuring your records are accurate and you pay the correct amount of tax is an essential requirement of running a business. Every business and individual registered for self-assessment in the UK is issued with an identifying number to facilitate timely tax reporting. But what is a business tax ID nu...
Creating a personal tax account can simplify how you manage your tax affairs and communications with His Majesty’s Revenue and Customs (HMRC). Increasingly, HMRC is encouraging businesses and individuals to open online accounts for submitting financial information and paying their tax liabilities....
When you register to pay tax and National Insurance (NI) in the UK, His Majesty’s Revenue & Customs (HMRC) issues a Unique Taxpayer Reference (UTR). This enables you (and HMRC) to quickly identify your tax and NI records, ensuring you can make payments and remain compliant. Your UTR can be use...
Need to know how long you should be keeping your personal tax records? Ensuring your personal tax affairs are in order is essential. Get it wrong, and you could end up paying too much (or too little) tax. Managing your personal tax records is critical for individuals as well as businesses, helping t...
Looking for strategies on how to increase your personal tax allowance? There is a range of personal tax allowances that can make a significant difference to your overall liability for tax. Understanding personal tax allowances is essential to ensure that you don’t end up paying more tax than is ab...
While managing your tax affairs can be time-consuming and complex, there are several tools available to help simplify the process – one of these is a personal tax account. Personal Tax Accounts (PTAs) were introduced by HM Revenue & Customs (HMRC) to make managing taxes accessible and conv...
When comparing business taxes vs personal taxes, it’s important to understand that both individuals and businesses have a range of tax liabilities that they’re required to meet. If you’re an individual who runs a business, then your tax affairs may be more complex than someone who pays tax...
The UK tax system works on a progressive basis, meaning that the more you earn, the more you pay in income tax – which has a significant effect on personal tax allowances over 100k. When you become a six-figure earner, some key changes take place to how you are taxed. Understanding these impli...