What is the personal pension tax relief and how is it applied? Ensuring you have enough money to live comfortably in retirement can be challenging. Personal pensions are a key part of retirement planning for most people and can enable individuals to build up substantial pension pots for later life. ...
What are the key differences between self-employed vs limited company tax, and which is best for you? One of the key decisions faced by anyone setting up a business is whether to operate as a self-employed individual or to set up a limited company. Each structure has its own particular advantages an...
Unincorporated associations are a common form of organisation for clubs, societies, and small groups in the UK. When it comes to taxation, the rules around unincorporated associated can be complex. When involved with the financial or organisational aspects of an unincorporated association, you must ...
In this essential guide, we define corporation tax relief and identify the types of business tax relief available to help reduce your liabilities. What is corporation tax relief? Corporation tax relief refers to the deductions or exemptions that are available to businesses to reduce their taxable pr...
When you start a small business, there are a host of things you need to think about. While your tax responsibilities might not be at the forefront of your mind, it’s important to fully understand what they are. When does a small business have to pay tax in the UK, and is small business tax [&helli...
A key element in the UK tax system is personal tax codes. Your personal tax code allows HM Revenue & Customs (HMRC) to calculate how much tax you need to pay. Because of the significant implication it can have on your post-tax income, it’s essential you understand tax codes and ensure that you...
Personal tax allowances are the amount of income that you can earn before you are liable to pay income tax. These are set by the Government, and are based on an individual’s circumstances. Tax rules change regularly, and personal tax allowance is often updated annually in the Chancellor’s budget...
Mileage allowance relief is a valuable business tax relief that can help you save thousands of pounds every year. It allows you and your employees to deduct costs incurred during business travel. This valuable business mileage tax relief helps companies cover their travel costs while supportin...
Inheritance tax is applied to estates that have a total value over the current threshold. For the 2023/24 financial year, that basic threshold is £325,000, and everything above that value taxed at 40 per cent. With rising property prices, more estates are now liable for inheritance tax. If you own ...
While tax may not be at the forefront of your mind when planning to get married, there are important tax benefits that reduce the tax liability of a married couple. The UK tax system makes specific allowances and incentives for married couples. These were first introduced as a means to incentivise m...