With the end of the fiscal year fast approaching in April, it's essential for individuals to maximise their ISA (Individual Savings Account) contributions before the deadline. ISAs offer a tax-efficient way to save and invest, providing a range of benefits that can...

In a recent series of key tax announcements, the UK government has unveiled significant changes that are poised to impact personal taxes, business taxes, and tax administration across the board. These changes, backed by specific figures and timelines, are set to...

In the early stages of entrepreneurship or small business management, juggling various roles frequently becomes instinctual. From marketing guru to customer service representative, and yes, even accountant. DIY accounting solutions are a common starting point for many...

Published On January 22, 2024Meeting self-assessment tax deadlines is crucial, but life's unpredictability can sometimes lead to unintentional delays. In this article, we'll delve into the consequences of missing those deadlines and explore practical strategies to...

For freelancers and sole traders, the world of self-assessment taxes can sometimes feel like a daunting maze. However, with the right guidance, managing your taxes efficiently can become a breeze. In this blog post, we’ll explore some specialised tips to help freelancers and sole traders make the most of their self-assessment tax journey.

It is every individual’s responsibility to pay taxes to the government from the income they earn so that the government can use that tax for the welfare of the people. Like we pay income tax from our income, self assessment tax is paid by individuals who are self-employed and do not come under government and hence it is their responsibility to file for self assessment tax return under HMRC. In more simple words, Self assessment is the HMRC’s way to find out how much income tax and national insurance an individual needs to pay under any income that is not taxed at source.

Commission-Based Services: If an intermediary provides services on a commission basis, the supply of those services is typically treated as a standard-rated supply for VAT purposes.

On current predictions, business rates bills look likely to rise by a total of £1.56 billion next April, giving unsustainable rises to all sectors of the economy, says John Webber, Head of Business Rates at Colliers.