Tax Codes for 2018/19 (New Tax Code 1185L)
The 2018/19 tax year starts on 6th April 2018. An increased personal allowance of £11,850 will mean that most tax codes will increase to 1185L. What is the new…
05
Apr
07
Dec
How to take advantage of the Marriage Allowance
The Marriage Allowance was introduced in April 2015. It rewards people who are in a stable relationship by allowing them to reduce their tax bill by one of the partners transferring some of their…
29
Sep
How to claim (and increase!) your P800 refund
If you’ve received a letter from HMRC advising you that you have paid too much tax, you can now claim your refund online by using your Personal Tax Account. HMRC’s end of year reconciliation…
01
Jun
Understanding your P800 Tax Calculation
What is a P800 Tax Calculation? A P800 is a document produced by HMRC that shows your income, allowances and tax relief’s for the tax year. It will show a calculation of the total…
05
Apr
Tax codes for 2016/17
6th April 2016 marks the start of the new tax year and for most employees, the new tax code will be 1100L which should mean a welcome increase in take-home pay. Tax code for…
08
Dec
Using Simplified Expenses if You Are Self-Employed
Self-employed workers have the option of using simplified expenses in order to calculate their business expenses. Using simplified expenses utilises flat rates as opposed to working out actual…
17
Nov
Mileage Allowance Relief – What records you need to keep
Current HMRC legislation allows you to claim tax relief for each business journey you undertake in your own private vehicle. This post looks at what documentation you need to keep in order to…
24
Aug
Tax on Foreign Income
If you’re a resident of the UK and receive foreign income or capital gains from abroad, you’ll usually be required to declare this through Self-Assessment. When foreign income consists of…
21
Aug
Tax Reliefs When Selling Shares
If you make a gain when selling shares or other investments, you may be liable to pay Capital Gains Tax. Your tax liability is dependent on whether your total gains exceed your Capital Gains Tax…
19
Aug
A Guide to Inheritance Tax
What is Inheritance Tax? If a person’s estate is worth more than £325,000 when they die, their estate exceeds the Inheritance Tax threshold. A person’s estate includes their property, money…