Who is liable to Income Tax at Scottish rates?
Where you live determines if you pay Scottish Income Tax. The rules are not based on where you work, who pays you, or national identity, but on your main UK home during the tax year.
The definition of a Scottish taxpayer is generally linked to the question of whether the taxpayer has a 'close
Pension contributions, net pay or relief at source?
Your pension scheme type affects your tax relief. Workplace pensions offer tax benefits, but the method used, net pay or relief at source, changes how and when you get them. Your employer or pension provider should confirm which arrangement your scheme uses, and this will affect both your payslip
Tax returns for a deceased taxpayer
You may need to submit tax returns for someone who has died. As the personal representative, you are legally responsible for reporting income earned before and after death.
This person, known as the ‘personal representative’, is legally responsible for dealing with the deceased’s money, property
What if you no longer need to submit a tax return
You must tell HMRC if you no longer need to file a tax return. Whether you have stopped trading or no longer rent out property, notifying HMRC early avoids penalties and keeps your records up to date.
If your circumstances have changed and you believe you no longer need to complete a
Setting up a payroll scheme
Registering for payroll is essential when hiring staff. From HMRC registration to legal compliance, getting payroll processes right ensures your team is paid correctly and your business avoids penalties.
When starting a business and hiring employees for the first time, one of the most important
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Self-Employed National Insurance Contributions
Self-employed individuals earning £12,570 or more annually must pay Class 4 National Insurance Contributions (NICs). For 2024-25, rates are 6% on profits up to £50,270 and 2% above
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Why Luxury Watches are a Smart Investment in 2024
Why Luxury Watches are a Smart Investment in 2024
Investing in luxury watches has become increasingly popular, not just for their aesthetic appeal but also...
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IHT exemption – normal expenditure out of income
Make regular gifts from your income and avoid inheritance tax. If structured properly, surplus income gifts can support loved ones and stay outside your estate without the
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How to Build a Strong Investment Portfolio in 2024
uilding a strong investment portfolio is essential for securing your financial future. As we head into 2024, the economic landscape is shifting, and smart...
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Frozen tax allowances and fiscal drag
Tax thresholds frozen till 2028? That’s fiscal drag in action - more tax paid without rate rises. It’s a stealthy revenue boost for HM Treasury, projected to bring in £38bn a year
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Tax and Maintenance Payments
Maintenance Payments Relief reduces Income Tax for those making court-ordered payments to an ex-spouse or civil partner. To qualify, one party must have been born before 6 April
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Health services exempt from VAT
Health professionals providing medical services may be exempt from VAT if their work falls within their registered profession and primarily protects, maintains, or restores health.
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Government backed Start-Up Loans
The Government-backed Start-Up Loans scheme offers unsecured loans of £500 to £25,000 per person (up to £100,000 per business) to help entrepreneurs grow. With a fixed 6% interest
Income reporting threshold increased
The £3,000 reporting threshold for trading, property, and other income will simplify tax returns—300,000 people could be freed from filing. A digital alternative is also
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Access to Funding and Credit
For many small business owners, getting access to funding feels like trying to squeeze water from a stone. Traditional banks have always been a bit cautious when it comes to
Fresh Ideas for Additional Revenue Streams
For many small and medium-sized enterprises (SMEs), the core business keeps the lights on, but additional income streams can provide much-needed stability and growth. Whether
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Who is liable to Income Tax at Scottish rates?
Where you live determines if you pay Scottish Income Tax. The rules are not based on where you work, who pays you, or national identity, but on your main UK home during the tax year.
The definition of a Scottish taxpayer is generally linked to the question of whether the taxpayer has a 'close
Pension contributions, net pay or relief at source?
Your pension scheme type affects your tax relief. Workplace pensions offer tax benefits, but the method used, net pay or relief at source, changes how and when you get them. Your employer or pension provider should confirm which arrangement your scheme uses, and this will affect both your payslip
Tax returns for a deceased taxpayer
You may need to submit tax returns for someone who has died. As the personal representative, you are legally responsible for reporting income earned before and after death.
This person, known as the ‘personal representative’, is legally responsible for dealing with the deceased’s money, property
What if you no longer need to submit a tax return
You must tell HMRC if you no longer need to file a tax return. Whether you have stopped trading or no longer rent out property, notifying HMRC early avoids penalties and keeps your records up to date.
If your circumstances have changed and you believe you no longer need to complete a
Setting up a payroll scheme
Registering for payroll is essential when hiring staff. From HMRC registration to legal compliance, getting payroll processes right ensures your team is paid correctly and your business avoids penalties.
When starting a business and hiring employees for the first time, one of the most important
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When is a hobby a business
Not sure if your hobby is actually a taxable trade? HMRC uses ‘badges of trade’ to assess whether an activity is a business. Factors like profit motive, transaction frequency, and
Present rates of Corporation Tax
Corporation Tax rises with profit levels. Marginal relief bridges the gap, easing businesses from the 19% small profits rate to the 25% main rate.
The Corporation Tax Main Rate applies to companies with profits exceeding £250,000 and is currently set at 25%. For companies with profits up to
Employment Restrictions After Termination: Be Cautious
Kau Media Group (KMG) Ltd. sought to enforce two post-termination employment restriction (PTRs) contained in a contract of employment to restrict Mr. Hart, a former employee, from
Who must send in a tax return
From self-employment to rental income, there are many reasons you may need to file a Self-Assessment return. Know the triggers and register with HMRC by 5 October if this is your first time.
There are a number of reasons why you might need to complete a self-assessment return. This includes if you
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MR HARRY is more than just an AI assistant - it is a complete smart solution that understands your needs, anticipates challenges, and optimizes processes to...
