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The fourth largest source of government revenues is Corporation Tax, charged on the profits and chargeable gains of companies. The main rate band is 30%, which is levied on taxable income above £1.5m. The small companies rate of 19% is charged on the first £300,000 of profits where profits are between £50,000 and £1,500,000. Profits […]
PAYE (Pay As You Earn) is the system used by employers and pension providers to deduct tax from your wages or pension. If you think you’ve paid too much Tax through PAYE you can contact Taxfile‘s tax accountants in South London and they will clarify that for you. HM Revenue & Customs (HMRC) gives you […]
Hello self-employed taxpayers, I hope you enjoyed your holidays. I’m sure it might be quite difficult for those of you who haven’t submitted your tax return yet with the the deadline coming soon. Now, you might wonder what this Next Stage is all about! Well, as part of ”The Review of Powers, Deterrents and Safeguards […]
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 […]
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