Did you know that a staggering 80% of UK landlords overpay on their rental income tax each year? This startling statistic highlights the urgency for landlords to understand the various legal strategies available to minimise their tax liability. In this comprehensive guide, we’ll explore the most effective methods to avoid paying tax on rental income […]
Did you know that the UK’s Construction Industry Scheme (CIS) processes over £100 billion in payments to subcontractors each year? This little-known tax scheme is essential for anyone working in the construction industry, whether as a contractor or a subcontractor. So, what exactly is CIS tax, and how does it work? CIS Tax is a […]
Did you know that the highest rate of income tax paid in the United Kingdom is an eye-watering 45%? This additional rate tax bracket, commonly referred to as the 45p tax rate, applies to individuals with an annual taxable income exceeding £150,000. Individuals above this threshold will pay a staggering 45% on the portion of […]
In a surprising turn of events, the UK government has announced that from 1 April 2025, drivers of electric vehicles (EVs) will have to pay road tax for the first time. This new measure, known as the 2025 Vehicle Excise Duty (VED) rules, will have a significant impact on the annual motoring costs for thousands […]
Did you know that over £38 billion has been paid out in Payment Protection Insurance (PPI) compensation claims in the UK since 2011? This staggering figure serves as a stark reminder of the widespread mis-selling that occurred within the financial services industry. However, what many individuals may not realise is that a portion of these […]
According to HMRC, a staggering 2.3 million people in the UK are still waiting for their tax refunds, some for over 4 months. If your tax calculation letter (P800) says you’re due a refund, you can claim it online through your Government Gateway account or the HMRC app. If you claim online, you’ll receive the […]
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 […]