The letters in your tax code indicate whether you are entitled to the annual tax-free personal allowance. These codes are updated each year and help employers calculate how much tax should be deducted from your salary. For the current and upcoming
A new rule aimed at preventing individuals from using companies to avoid taxes through the Transfer of Assets Abroad (ToAA) provisions applies to income arising to persons abroad on and after 6 April 2024. This change affects UK residents who own or
One of the most commonly used and valuable exemptions from Capital Gains Tax (CGT) is for the sale of a family home. Generally, there is no CGT on a property that has been used as your main family residence. However, an investment property that has
The VAT Flat Rate Scheme allows businesses to pay VAT as a fixed percentage of their total turnover, which includes VAT. The applicable percentage varies based on the business type. This scheme is designed to simplify VAT accounting, thereby reducing
It is important to take the necessary steps to protect your land and property from fraud. You are at a higher risk if: Your identity has been stolen You rent out your property You live abroad The property is empty The property is not
If you have lost or forgotten your National Insurance number, there are several ways to retrieve it. You can find your National Insurance number: On a document you already possess, such as a P60, payslip, or letters regarding benefits. In your
A tribunal recently ruled on the failure of a private limited company, El Recruitment Ltd., to submit its Re-DOC before the statutory deadline as required under the 'Employer Duties' of the Pensions Act 2008. The Pensions Regulator had sent two prior
1 January 2025 - Due date for Corporation Tax due for the year ended 31 March 2024 19 January 2025 - PAYE and NIC deductions due for month ended 5 January 2025. (If you pay your tax electronically the due date is 22 January 2025). 19 January 2025 -
Fuel margins of retailers - the difference between what a retailer pays for its fuel and what it sells at - remain around the high levels seen during the CMA’s road fuel market study. Supermarket fuel margins increased over the May to August 2024
The upcoming increase in Employers’ National Insurance Contributions (NICs) is set to have significant repercussions for UK businesses. Employers’ NICs are essentially a tax on wages, paid by businesses as a percentage of their employees’ earnings
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