HMRC Launches Campaign: UK Crypto Investors Tax Risks
In a bid to ensure tax compliance among the burgeoning crypto community in the UK, HMRC has launched a targeted campaign, sending out over 8,000 advisory letters to crypto investors as the self-assessment deadline looms. The move is part of...
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...
Navigating Side Hustle Taxes: What You Need to Know
In today’s digital age, the world of side hustles is thriving, with social media platforms and online marketplaces providing individuals with unprecedented opportunities to turn their passions into income. Whether you’re selling vintage finds on Depop or renting out a...
Mastering Your UK Self Assessment Tax Return
If you are a UK taxpayer, you may need to file a tax return for the year ending 5 April 2023. You can file your tax return online or on paper, but online filing is faster, easier, and more secure....
PAYE (Pay As You Earn) Made Simple: A Complete Registration Guide
Understanding PAYE is essential for UK employers and employees alike, serving as the system through which HMRC collects income tax and National Insurance contributions from employee wages, ensuring compliance and accurate financial management. Registration for PAYE is a pivotal step,...
Self Assessment Tax Returns – A Complete Guide
If your income tax is not automatically deducted, you are required to submit the Self-Assessment Tax Return to HMRC to avoid paying any unnecessary penalties.
Supreme Court Ruling: £385k Tax Dispute Resolved in HMRC’s Favor
The article discusses a landmark Supreme Court ruling in the UK, favoring HMRC in a £385k tax dispute with Vermilion Holdings. The case revolves around the taxation of a share option received by a software engineer, establishing a crucial precedent...
HMRC’s Loan Charge Settling Disguised Remuneration Schemes
HMRC's loan charge addresses tax evasion through disguised remuneration schemes, allowing individuals flexible repayment plans based on their circumstances.
UK Income Tax and Fiscal Drag: How People Keep Falling into Higher Rates
In the UK, fiscal drag, stemming from frozen income tax thresholds, pushes more individuals into higher tax brackets amid rising living costs, resulting in increased government tax revenue. Over 4 million more people now pay 20% income tax due to...
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