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 […]
Did you know that income tax accounts for over 45% of the total government revenue in the United Kingdom? Income tax is a crucial part of the UK’s tax system, generating significant funds that support public services and government programs. Understanding how income tax works is essential for individuals in the UK to navigate the […]
Did you know that the tax year in the UK doesn’t align with the calendar year? In fact, the tax year starts on April 6th and ends on April 5th of the following year. This is known as the fiscal year or the financial year. Understanding the tax year is crucial for individuals and businesses […]
Working Tax Credit is a government benefit in the United Kingdom that provides financial support to eligible workers and families. It is designed to boost the income of low-income individuals and households and provide additional financial assistance for childcare expenses. Introduction to Working Tax Credit Working Tax Credit is a means-tested benefit that offers financial […]
Are you a parent looking to save some money on your taxes? Then you’ve come to the right place! In this blog post, we will dive into the topic of child tax credit – what it is, how it works, and how you can take advantage of this valuable benefit. So grab a cup of […]