What is PAYE Tax and how it is calculated?

PAYE is an abbreviation for Pay As You Earn. The HMRC uses it as a method to tax employed individuals or individuals who have other sources of income such as pension or annuity. PAYE tax is collected by your employer and forwarded to the appropriate tax authority on a weekly or monthly basis. The PAYE Tax […]

What is p 11 d? Everything you need to know.

For employers who give perks or costs to their workers, directors, or family members or household members. The p 11 d deadline for filing is July 6th of the tax year.In the tax year ending on April 5th, you must submit an end-of-year report to the HMRC. For each employee to whom you have granted […]

What is the purpose of SA302 and how to get one?

You’ll need to fill out a SA302 tax calculation form, which HMRC will use to verify your earnings over the previous four years. Many lenders will use this form to determine whether or not your income is accurate and whether or not the mortgage product is reasonable based on your self-assessment tax return that you […]

Corporation Tax: How to pay and everything you need to know.

You pay corporation tax when your company or association makes money from trading, earnings, investments, and other taxable gains. Such as the sale of company assets, including land and property, equipment and machinery, and company shares. All limited firms in the United Kingdom are subject to corporation tax. What is the current corporation tax rate? […]

Crypto Tax UK : All you need to know about the tax policies.

Cryptoassets (also known as ‘tokens’ or ‘cryptocurrency’) are digitally secured representations of value or contractual rights that can be: transferred, stored, and traded electronically. The big question for crypto enthusiasts is whether cryptocurrency is taxable, and if so, what are the tax rates. We’ll take a look at the crypto tax of the UK and […]

How Capital Gains Tax is calculated in the UK?

Whenever you gain make money from marketing an asset, the Capital Gains Tax obligation starts. The key point to remember is that the tax is measured on the profit you make and not the amount you sold it for. How Capital Gains tax is calculated, what are the tax rates are some of the common […]

Tax codes HMRC : What are tax codes? Explained

What is a tax code? Every person employed or receiving PAYE income has a tax code that is assigned by the government’s tax collection agency (HMRC). You should know your tax codes assigned by HMRC since it tells your employer how much income tax to deduct from your pay. How can your tax codes be […]

How to Pay Tax on Foreign Income UK?

If you come to the UK, become a tax resident here, and have foreign income or gains (that is, income and gains from outside the UK) during your stay, you must follow more complicated tax rules. This is due to the UK tax system’s attempt to tax UK residents on their worldwide income and gains. […]

What happens If I miss the tax return Self Assessment Deadline?

Self Assessment is a way of collecting income tax used by HM Revenue and Customs (HMRC). Wages, pensions, and savings are typically taxed automatically. Individuals and businesses must report other income on a tax return. You must send a tax return before the self-assessment deadline to avoid incurring any penalties. When do I have to […]

What is the Dividend Taxation in the UK?

What is a dividend? Just like any other source of income, you have to pay tax on dividends. However, the dividend taxation rates are lower than income from work or a pension. The dividend is the money paid back to the shareholders from a company’s profits. In order to pay dividends, a company must make […]