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A very Merry Christmas to one and all from Taxfile‘ s Tax Accountants. Our gift to you all this year is a brand new, free of charge insurance cover. This cover will provide you with protection against any possible Tax enquiry: In the unlikely event of a random investigation by the revenue, Taxfile have insured […]
Have you ever felt overwhelmed by not having enough time to cope with your tax affairs in time? During the tax year (6 April one year to 5 April the next) there are important dates , let’s call them key dates, by which you need to send in your tax return and make certain payments. […]
As promised last week, today we are going to discuss expenses and tax allowances that you can deduct from your rental income when you work out your taxable profit or loss. If you have several UK residential properties you let than you need to add them together in terms of receipts and expenses on the […]
If you’re thinking about letting furnished rooms in your home, you may want to take advantage of the special Rent a Room Scheme . Under this scheme you can be exempt from income tax on profits from furnished residential accommodation in your only or main home if the gross receipts you get (that is, before […]
PAYE (PAY As You Earn) is the HM Revenue and Customs system for collecting income tax from the pay of employees. As an employer, you need to deduct income tax and National Insurance contributions (NICs) from your employees’ pay and send it to the HMRC. As an employee, you should receive a P45 or a […]
CIS contractors must complete and file a tax return to the HM Revenue and Customs every month showing the payments made to all subcontractors as well as the tax deducted. The contractor needs also to show the verifications references against all those subcontractors from whom the contractor had to deduct a higher tax rate. Even […]
A tax code is usually made up of one letter and several numbers, for instance 161L or K567 . A tax code is used by your employer or pension provider to calculate the amount of tax to deduct from your pay or pension. If you have the wrong tax code you could end up paying […]
The Pre-Budget 2007 Report published on Tuesday 9th October announced various changes, one of them referring to the inheritance tax (IHT). Previously, married couples could transfer an unlimited sum to each other when one died without paying inheritance tax. But when the survivor died, their estate was then taxed at 40% on anything exceeding £300,000. […]
Stamp Duty is a type of tax you pay when you buy land or shares. You pay a Stamp Duty Land Tax when you buy property and Stamp Duty Reserve Tax when you buy shares. You pay Stamp Duty Land Tax on such properties like houses, flats , other buildings and land. There is a […]
(for UK domiciliaries only) From 6 April 2004, there are two types of estates are qualified to be excepted from IHT for UK domiciliaries. 1. Low valued estates When the total value of estates does not exceed the inheritance tax threshold, then those estates do not suffer IHT. Which threshold should be applied is determined […]
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