Entries by Taxfile

Student Loan Deduction

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Student Loans are considered to be a financial support package for students in higher education in the UK with the Government’s help. They are available to help students meet their expenses while they are studying. HM Revenue & Customs is responsible for collecting repayments of Student Loans in cases where the borrower is within the […]

Types of CIS cards in the Construction Industry Scheme

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There are five types of registration cards and certificates used in the Construction Industry Scheme: CIS 4(P) is the permanent registration card issued to most subcontractors. It entitles the holder to be paid with a deduction on account of tax and National Insurance contributions. It does not have an expiry date but it shows the […]

What is equitable liability?

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Information about equitable liability was published in the Revenue’s Tax Bulletin in August 1995. Most people keep their tax affairs up to date and pay their tax in time time. However, where a taxpayer has not submitted his or her return, HM Revenue & Customs can determine the taxpayer’s likely tax liability so that the […]

What is the basic state pension?

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The basic State Pension is money you may be able to get when you reach State Pension age. The amount you receive depends on the qualifying years you have built through your National Insurance contributions. There are two circumstances to be considered: If you reach State Pension age before 6 April 2010, you normally need […]

Dealing with someone’s tax after they die

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When somebody dies it is important to sort out their tax and National Insurance contributions as soon as possible. The ‘personal representative’ or the executor has to sort out the deceased person’s tax affairs, as well as the rest of the estate.There may be either tax to pay or a rebate from the Tax Office. […]

Capital Allowances

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As a business you can claim tax allowances, called capital allowances, on certain purchases or investments. This means you can deduct a proportion of these costs from your taxable profits and reduce your tax bill. Capital allowances are available on plant and machinery, buildings – including converting space above commercial premises to flats for renting […]