Ready to get your financial hiccups out of the way?
Each year as the self-assessment deadline looms many business owners and the self employed worry about one thing – what if I get my tax return wrong? Even an error of misinterpretation of complicated tax rules or one born out of haste can lead to serious financial consequences. Anyone filing taxes needs to understand how… Continue reading Navigating Tax Return Errors: What They Mean for You
Due to globalization, more and more UK residents are working overseas for short periods of time. The opportunities associated with these often result in career growth, but as you can imagine, so do the financial and tax complexities. Temporary Workplace Relief (TWR) is one of the critical tax reliefs available to UK based expats working… Continue reading Expat Temporary Workplace Relief: A Guide to Tax Savings and Financial Benefits
Residency and domicile are important concepts for people trying to navigate their way through UK taxation. These are the terms that tell you how much tax you owe, and to which jurisdiction. Residency is more to do with your physical presence in the UK, and domicile is more to do with your long-term connections and… Continue reading Understanding Residency and Domicile in the UK: A Comprehensive Guide for Taxpayers
Tax matters can be a maze of forms, numbers, and rules, but it is important to understand them so you don’t overpay your share or get dinged for unexpected bills. One document you may see if you are a UK taxpayer is the P800 tax calculation issued by HMRC. In this blog, we explain what… Continue reading Understanding P800 Tax Calculations: How to Claim Your Refund Hassle-Free
If you’re a company director, one of the most important financial decisions you’ll ever make is how you’ll pay yourself. You do not work the way traditional employees do, and you have the ability to structure your income in different ways, most commonly as a salary, dividends, or a mix of the two. That being… Continue reading Director’s Pay: Salary vs. Dividends – Which Option is Best for You?
The UK tax system is incomplete without Capital Gains Tax (CGT) which is usually overlooked until it’s a problem. That applies to the profit you make when selling or giving away something that has grown in value, and the tax is levied on the gain, not the entire proceeds. Individuals and businesses need to understand… Continue reading Understanding Capital Gains Tax: How It Affects Individuals and Businesses in the UK
As the tax season approaches, businesses of all sizes in the UK often feel overwhelmed by the complexity of tax regulations. As the rules are constantly evolving, deadlines getting tighter, and complexities of accurate financial management, errors are highly likely. However, knowing the major pitfalls can help companies streamline their tax process and cut back… Continue reading 10 Common Mistakes Businesses Make During Tax Season
The dividend tax and NIC hike of 1.25% have hit the tax and accounting aspect of many employees, small business owners, and self-employed. As a matter of fact, one employee’s living wage would cost an extra 200 Euros per year, and if the number of employees is considerable, the sum would add up to a… Continue reading How can small businesses adjust to NIC and dividend tax changes?
The government’s decision to increase the national insurance and the dividend tax has had much controversy paving the way for more precise tax and accounting services. While there has been much going around with the impact of the decision on workers, the changes have a lot to do with employers costs as well. First, let’s… Continue reading What does the NIC and dividend tax hike mean for your business?
