A Complete Guide to Stamp Duty Refund
The UK government imposes Stamp Duty Land Tax (SDLT) on the acquisition of land and properties over a specified threshold value. SDLT is a crucial aspect of property transactions, often representing a significant expense for buyers. However, many may not...
Capital Allowances Claim on Self-Assessment Tax Return
Capital allowances are provided to give a business tax relief for capital expenditure on qualifying assets. They let you deduct some or all the value of an item from your profits before you pay tax, resulting in the deduction of...
Mastering UK Self-Assessment Tax: 8 Steps to Tax Excellence
Self-assessment is used by HM Revenue and Customs (HMRC) in the UK to collect income tax. It requires individuals to report their income, gains, and any applicable reliefs or allowances, enabling the calculation of their tax liability. Entering the realm...
Common Mistakes To Avoid During Your First Self-Assessment Tax Return
With the deadline for filing a self-assessment fast approaching, you may be more prone to making mistakes on your self-assessment tax return – especially for first timers. Here are the Common mistakes you need to avoid on your first self-assessment...
Self Assessment Tax Return for Expats Living in the UK
An expat is a person who resides outside their country of citizenship for an extended period of time. It is estimated that around 1.19 million people currently living in the UK are expats. As taxes in the UK are complex,...
31 January 2024 Deadline for Hybrid LLPs: Withdrawal and Settlement Considerations
As the 31 January 2024 deadline for Hybrid Limited Liability Partnerships (LLPs) approaches, participants are facing pivotal decisions. Recent letters from HMRC have brought attention to the ongoing scrutiny of Less Tax for Landlords, the planning provider in focus. While some seek...
UK Side Hustle Tax: A Complete Guide
In the modern gig economy, side hustles have become a prevalent means of supplementing income, pursuing passions, and achieving financial goals. However, as side hustlers explore entrepreneurial endeavours, it is important to navigate the complex terrain of taxation. Before diving...
Navigating the Legal Landscape: Bolt Ltd vs HMRC in the TOMS Saga
The legal saga between Bolt Services UK Limited (referred to as ‘Bolt’) and The Commissioners for His Majesty’s Revenue and Customs (HMRC) has brought to the forefront crucial questions regarding the Value Added Tax (VAT) treatment of mobile ride-hailing services....
National Insurance and Income Tax Changes 2024
In a recent announcement during the Autumn Statement, Chancellor Jeremy Hunt revealed a significant cut in National Insurance (NI) for approximately 29 million workers. While this news may bring relief to many, it’s essential to understand the broader context of...
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