Have you ever filled out a tax form or registered a business and been asked for a Tax Identification Number? If you’re unsure what that means or why it’s needed, you’re not alone. In the UK, various identifiers, such as your National Insurance Number, Unique Taxpayer Reference, and Company Registration Number, function as Tax Identification […]
Self Assessment tax is a crucial obligation for individuals in the UK who have additional income or haven’t had tax deducted through Pay As You Earn (PAYE). Understanding the process of paying self assessment tax is essential to meet your tax responsibilities and avoid penalties. Whether you’re self-employed, a landlord, company director, or have other […]
What is the Higher Tax Bracket in the UK? The higher tax bracket in the UK refers to the tax rate that individuals pay on their income above a certain threshold. In the current tax year (6 April 2024 to 5 April 2025), the standard Personal Allowance is £12,570, meaning that individuals do not have […]
The Bedroom Tax, also known as the under-occupancy charge or the removal of the spare room subsidy, is a reduction in Housing Benefit or the housing element of Universal Credit for people of working age who rent a home with a spare bedroom. The amount of the reduction depends on the number of spare bedrooms […]
Emergency tax is a temporary tax code that is applied when HMRC does not have the necessary income details. If your tax code ends in ‘W1’, ‘M1’, or ‘X’, you are on an emergency tax code. You may be placed on an emergency tax code if you have had a change in circumstances such as […]
Did you know that in the 2021/2022 tax year, the National Insurance tax contributed over £150 billion to the UK government’s revenue? The National Insurance tax is a crucial part of the UK tax system, affecting millions of people across the country. Whether you’re an employee or self-employed, understanding how much you need to pay […]
Did you know that one in three people who work and pay tax are entitled to a UK tax refund? With the average UK tax rebate being £963, it is definitely worth your while. In this complete guide, we will walk you through the process of getting a tax rebate in the UK, including eligibility […]
Did you know that windfall taxes have the power to address social inequalities and redistribute wealth? They provide a means for governments to collect revenue from unexpectedly high profits and use it for the common good. In the UK, windfall taxes have been implemented to support public investments and fund essential government initiatives. But what […]
While it’s a common assumption that empty properties are still subject to council tax, there are actually several ways to sidestep or reduce the cost. An unoccupied property can be for a variety of reasons, such as renovations, selling or renting, work commitments, travel, or being a second home. There is no specific legal limit […]
Have you ever looked at your payslip and wondered why part of your income disappears before it even reaches your bank account? That’s because of the PAYE system, Pay As You Earn. It’s the UK’s way of collecting Income Tax and National Insurance directly from your earnings. Instead of paying taxes once a year, these […]