Winter Fuel allowance payment and benefits
Winter Fuel Payment A Winter Fuel payment is a tax-free payment of £100-£300 which is made during winter to help an individual pay the heating bills. This is made available to households [...]
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Lifetime allowance explained
What is a lifetime allowance? A lifetime allowance is the maximum value of benefits an individual can take from all the registered pension schemes before he /she has to pay a lifetime allowance tax [...]
File or submit a confirmation statement
Overview Starting 30 June 2016, companies in the UK were required to submit a confirmation statement to Companies House. Since 30 June 2016, annual returns have been replaced by a confirmation [...]
Emergency tax and its code explained
Overview The tax code on an individual’s pay-slip reflects the amount of Income tax which is payable each month. An individual is on an emergency tax code if the pay-slip reflects either one of [...]
UK Government Proposals for a register of overseas entities owning property
Who owns companies and legal entities overseas? The UK Government requests evidence on a register of ownership In April 2017, the government announced for a call for evidence to gauge interest in [...]
Calculate holiday pay entitlement UK
How to calculate holiday entitlement for employees? Below are the steps that needs to be taken for calculating your holiday entitlement – Present your “employment status” - whether you are [...]
Registering as a self-employed subcontractor in construction – CIS
INTRODUCTION HM Revenue & Customs (HMRC) collect tax from contractors and subcontractors through Construction Industry Scheme (CIS). This system is designed to reduce tax evasion within the [...]
Do You Pay UK Import Tax & VAT
Import duty and taxes are applicable when goods are imported into the UK from anywhere either by an individual or a commercial entity. If an individual or entity imports, or purchases goods from [...]
Do you understand Tax codes?
INTRODUCTION In the 2015-16 tax year, the applicable tax code for all the tax-payers was 1060L. This tax code applied to all the individuals who received the entire tax free Personal Allowance and at [...]
How to understand Tax codes?
INTRODUCTION 6th April 2016 was the beginning of the tax year with the new tax code 1100L (tax code for tax year 2015-16 was 1060L). This change in the tax code meant that the take-home pay was [...]