The UTR (Unique Taxpayer Reference Number) is a ten-digit number. It is unique to each user and serves as a reference to HMRC. Therefore, it is critical, especially when dealing with taxes. The UTR number is used for a variety of purposes, including claiming a tax refund and submitting a self-assessment, to name a few. In order to better understand, let’s go over how to register for your UTR number and take a closer look.
If you get a job or a pension and pay taxes via the Pay As You Earn (PAYE) system, you may end yourself paying too much in taxes. This is for a number of reasons. However, you can request a tax refund claim with the HMRC, and if they find you have paid more tax, you’ll be issued a tax refund.
It might take some time to get back to a normal state and millions will continue to work from home. Due to the pandemic, people are continuing to work from home and last year the work from home tax relief was introduced by the HMRC. The HMRC has recently confirmed that the work from home tax relief scheme is applicable for the 2021/2022 tax year. Let us take a look at how you can claim tax relief.
Being an entrepreneur is difficult, but this has not stopped people. Over the years, the number of self-employed has risen significantly. There are more than 5 million self-employed in the UK, up from 3.2 million in 2000. People often like to be their own boss, to control their lives, and to have freedom.
Taxes cannot be avoided by anyone, but it’s something which everyone would like to reduce. Often we hear news across the world where we see a lot of the global companies avoiding tax. However, it is a tricky concept, and there is a difference between tax evasion vs tax avoidance. In simple words, tax evasion is considered illegal, whereas tax avoidance is considered to be legal. Even though tax avoidance is considered legal, it needs to be done with care and ensure nothing is crossing the line. Both actions have brought significant losses to the HMRC in taxes. However, the HMRC are taking the necessary action to reduce such losses.
The pandemic has struck the world and has had a massive impact on the economy. Therefore the government had announced that the VAT payments can be deferred. This is part of the government package of support worth more than £280bn. A business that had deferred VAT between 20 March 2020 and 30 June 2020 can now make the payment in installments. Let’s take a look at how to join the new vat deferral payment scheme of HMRC in detail.
There are various tax allowances in the U.K to save tax. The UK government’s marriage allowance is one such saving option for married couples or for those in a civil partnership. We will take a look at who can apply and how to apply for a marriage allowance.
Once you exceed your personal allowance, you need to pay the tax to the HMRC every year. However, there are a few allowances that you could receive that will reduce the tax to be paid.
A lot of people would like to commence a business of their own. However, we all have our own lives and responsibilities, which we have to fulfill. If I leave the job, how will I meet my expenses? What if I am wrong? Will I let people down? Will I get a good job if I fail to succeed in my venture? Every individual goes through all these kinds of thoughts before starting their own business, which pulls back the majority. Fear is not an uncommon thing limited to a few.
A swot analysis is a system used to define your strengths, weakness, opportunities, and threats. It can be done on an individual project or a company. Strengths and weaknesses are internal to the company, things that you have some control over and can change. Whereas, opportunities and threats are external things that are going outside your company where you have little influence.