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...
If you’re running a business in the UK, you need to ensure you understand and meet all of your tax obligations – such as knowing what taxes business owners need to pay. As a general rule, the larger your business, the more complex your tax affairs are likely to be. That said, even smaller bu...
If you run a business, you’re likely to be already aware there is a wide range of tax-deductible business expenses. Understanding deductible business expenses for taxes is essential if you want to maximise your deductions and reduce your overall tax liability. While not all expenses qualify for ta...
If you’re in business in the UK, then it’s essential that you have a firm grasp on your tax obligations. This is crucial not only for financial planning, but also ensures that you are fully compliant with HM Revenue & Customs (HMRC) regulations. The amount of tax a business pays will depend ...