How the £1,000 trading allowance works
There is a £1,000 tax allowances for miscellaneous trading income that has been available to taxpayers since April 2017. This is known as...
12 Dec
Income Tax
Category Archives: Income Tax
05 Dec
Income Tax
HMRC writes to taxpayers in Wales
HRMC has written to two million taxpayers in Wales concerning the introduction of the Welsh rates of Income Tax (WRIT) from 6 April...
28 Nov
Income Tax
Claim tax relief for job related expenses
Employees who use their own money to buy things they need for their job can sometimes claim tax relief for the associated costs....
28 Nov
Income Tax
Coding out debts deadline
The coding threshold entitles taxpayers to have tax underpayments collected via their tax code, provided they are in employment or in receipt of...
28 Nov
Income Tax
Tax on savings interest
In the current tax year, anyone with taxable income of less than £16,850 will have no tax to pay on interest received. This...
22 Nov
Income Tax
What is a Personal Tax Account?
Personal Tax Accounts (PTAs) were launched in 2015 and works as an online resource to allow taxpayers to review and update their details...
22 Nov
Income Tax
Who must submit a Self Assessment tax return?
There are a number of reasons why a taxpayer needs to complete a Self Assessment return. This includes, if they are self-employed, a...
15 Nov
Income Tax
Directors’ loans – tax consequences for the director
An overdrawn director's loan account is created when a director (or other close family members) 'borrows' money from their company. Many companies, particularly...
07 Nov
Income Tax
Using software to make Income Tax updates
The introduction of Making Tax Digital (MTD) will fundamentally change the way businesses, the self-employed and landlords interact with HMRC. The new regime...
07 Nov
Income Tax
Child Benefit penalties under review
The High Income Child Benefit Charge (HICBC) came into force in January 2013. It applies to taxpayers whose income exceeds £50,000 in a...