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 [...]
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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 [...]
What are the benefits of holding commercial property in a SSAS?
A Small Self Administered Scheme (SSAS) is a pension scheme that is set up as a trust with twelve or fewer members. The SSAS trust can be run by an accountant as scheme administrator, or by another [...]
Issues in the Spring Budget 2017 - Tax Issues
Issues in the Spring Budget 2017: Tax avoidance and Tax evasion, Salary Sacrifice, Termination Payments, Changes to the VAT threshold The Finance Bill 2016 announced that government was seeking [...]
UK SPRING BUDGET 2017
SPRING BUDGET 2017 HIGHLIGHTS Business rates - £435.00mn of additional support for organisations affected by increase in business rates Growth – The growth [...]
CAR TAX REFUND
A car tax refund is the amount an individual gets back on any Road Tax that has been already paid. An individual can only get a refund on the entire month and not partial months; hence it is [...]
VAT Flat Rate Changes 2017
From 1st April 2017, the benefits of Flat Rate savings will virtually disappear for the majority of Contractors. HMRC has proposed a new flat rate percentage of 16.5% for any business of any industry [...]
MATERNITY ALLOWANCE
INTRODUCTION Maternity Allowance is a benefit paid to a pregnant woman who doesn't qualify for Statutory Maternity Pay. If a woman is self-employed, or an employee with an organisation but hasn't [...]
What If I Have Lost HMRC PAYE Form P45, P60 or P11D?
What Are HMRC PAYE Form P45, P60 & P11D? All the three - P45, P60 and P11D are Pay-as-You-Earn (PAYE) forms. Two forms, P45 and P60, are given by employers to their employees. These two forms contain [...]