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.
You have received a tax amount and, you find it not justifiable and incorrect. You do have an option to check it with the HMRC on the tax decision for the amount you are held liable.
I hope holidays are something which all of us are looking forward to. On 6th April 2020, the reference period for calculating the holiday pay for variable hour workers increased from 12 to 52 weeks. Let us look at the available number of paid leaves in a year for regular employees and part-time employees. Also, what are holiday pay, the number of paid holidays in a year, holiday hours, and leave entitlement
A director is the spine of a company and makes all the daily decisions in managing the company operations. After all, the success of the company depends upon the actions and decisions taken by a director. Therefore it’s fair to say that a director is a responsible position. Let’s take a look at the eligibility and director’s tax responsibilities
A sole trader is the simplest type of business structure defined in UK law. It refers to an individual who owns their own business and retains all the profits from it. There is no legal distinction between the owner and the entity. Therefore, you are personally responsible for the business bills, keeping accurate records of your business, and you are personally liable for any losses. We will now dive into the structure, advantages, disadvantages, and tax responsibilities of a sole trader.