If you rent out a residential property and have expenses during the tax year, you need to determine if these are revenue or capital expenses. Revenue expenses can be claimed in your annual tax return to reduce your profit, whereas capital expenses can only be claimed when property is sold. Also, you need to consider […]

Marriage or a civil partnership can offer significant financial benefits. Here are five tax strategies that can help couples maximise their finances: 1. Use Marriage Allowance to Transfer Personal Allowance If one partner earns less than £12,570 and doesn’t fully use their personal allowance, they can transfer up to £1,260 to the higher earner. This […]

If you are a new arrival in the UK from April 6th, 2025, you will be able to claim 100% relief on your foreign income in the first 4 years of UK residence using the new FIG regime, meaning, you can remit the income into the UK without paying any UK tax. Once the 4 […]

If you are a UK taxpayer who previously claimed the remittance basis on foreign income prior to April 5th, 2025, and have NOT yet remitted this income to the UK, the UK government are granting a 3-year window to elect to remit this income into the UK at a reduced tax rate. The reduced tax […]

In the UK, salary tax is based on income tax rates and bands. The basic rate of 20% applies to earnings between £12,571 and £50,270. The higher rate of 40% covers income from £50,271 to £125,140, and earnings above £125,140 are taxed at the additional rate of 45%. Tax-Free Allowances and Deductions There are several […]

From 6 April 2016, employers may not need to pay Class 1 National Insurance contributions for an apprentice, if the apprentice: If the apprentice meets the conditions above, then the employer is exempt from National Insurance employer on the apprenticeship gross salary. Employees will continue to pay the standard rate of Class 1 National Insurance contributions through […]

Increase in NI Employer Rates and Thresholds Currently, employers pay secondary class 1 NIC at the rate of 13.8% on the amount by which an employee’s earnings exceed the secondary threshold (ST) of £9,100 per year/£175 per week.  At the Budget, it was announced that the rate will be increased to 15%, and that the […]

The Chancellor Rachel Reeves delivered the new government’s first Budget on 30 October 2024 announcing tax rises worth £40bn. Below is a summary of all the key points. Personal taxes Business taxes Wages and pensions Housing Other key points

Creating a business tax account with HMRC is crucial for managing your taxes online. Follow these steps: 1. Gather Required Information Before you begin, make sure you have: 2. Access the HMRC Website Visit the HMRC website to begin the process. 3. Create a Government Gateway Account If you don’t have a Government Gateway account: […]

1. Gift Aid Donations Gift Aid allows charities to claim an extra 25p for every £1 donated. This means your donation can be boosted without any extra cost to you. To qualify, you must pay at least as much tax as the charity claims. If you’re a higher-rate taxpayer, you can claim additional tax relief […]