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 ...
Anyone operating a business in the UK needs to be aware of the range of different tax obligations that can apply to their activities – such as capital gains tax. Capital Gains Tax (CGT) is one example, and it directly concerns the sale or disposal of any business assets. When a business sells ...
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...
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 ...