This page contains all of the personal income tax changes which were announced at the October 29th, 2018 Budget. These rates come into effect at the start of the new tax year, on April 6th 2019.
One of the main benefits of trading as a Limited Company contractor is that you can claim back business expenses for anything you purchase for your business, and in turn, claiming for these expenses can lower your tax bill.
Value Added Tax (VAT) is a standard consumption tax levied on almost all goods and services in the UK. If you’re a contractor, working through your own Limited Company, registering for VAT could significantly improve your tax efficiency.
There may be a time when you need to loan money to or borrow money from your own Limited Company. Now you may think it’s your company and you can do what you want, but director’s loans are wrapped up in fiddly bits of legislation and when borrowing cash from your company, care must be taken. You must ensure that you fully understand the tax implications before you take any kind of loan from your business.
IR35 is a complex piece of legislation used to distinguish between true self-employed contractors and employees. As a contractor, it’s important that you have an awareness and understanding of IR35 to ensure that you’re paying the correct amount of tax and National Insurance. Here’s a definitive introduction to IR35 to help you understand how it works.
With the impending IR35 changes right around the corner, the Limited vs Umbrella debate is on a lot of contractor’s minds. But what really is the difference and which one will be most beneficial to you?
IR35 is a tax legislation used to distinguish between employees and genuinely self-employed contractors. We take an in-depth look at how the ‘off-payroll working’ rules, introduced to the public sector in 2017, will be extended to medium and large-sized businesses in the private sector from April 2020.
Our guide to help you declare all additional income to HMRC. Not doing so can end up being an expensive mistake.
Are you unsure about whether you need to register as Self-Employed for tax purposes? Our guide can help you.
If you sell BTC (business to consumer) i.e. your customers cannot reclaim VAT, some businesses may be able to split their business by service to avoid crossing the VAT threshold.
The UK Government, in the eyes of many Buy-To-Let Landlords and Landlord Associations, continued its cash grab on landlords in its November 2018 Budget.
What are the tax implications of buying a company car from a tax perspective? Take a look at our indepth analysis.
Iain Rankin our Property Tax Expert, from TaxKings, takes a run through the decision making process to help you weigh up what the appropriate course of action is for you
The government has started to roll-out Making Tax Digital (MTD) in a bid to engineer the UK tax system so that it embraces the online era. I hope this guide will help you understand the implications.
There are significant differences to how much tax you pay in Scotland in comparison to England.
For the holiday maker & professionals alike, it’s safe to say that short-term let platforms - such as AirBnb, Flipkey, or Homeaway - have been a bit of a game changer.
Following the start of a new tax year, it’s always useful to stay abreast of changes to your responsibility. Certain legislative updates in 2019 have been overshadowed by the spectre of Making Tax Digital for VAT, causing smaller (but significant) changes to be overlooked.
Are you paying your accountant to prepare your books? Could you save some money by hiring a bookkeeper? Clare Doherty explains the key differences…
Let’s start with a thought experiment. I’ll set the scene. You’re a limited company owner, and you, as the director, are the sole employee. You also - understandably – love learning about tax. You open up the Monday morning paper to find some exciting news - HMRC has hinted there are going to be some big changes in the upcoming UK budget.....
A guide to tax efficient remuneration for Limited Company directors for
2019/20.
Undoubtedly the biggest source of tax confusion for prospective landlord clients that we speak to here at TaxKings relates to the changes to tax relief for residential landlords, introduced by the UK Government in April 2017.
Making Tax Digital for VAT (MTDfV) comes into effect from 1st April 2019. With Chancellor Philip Hammond announcing in his 2019 Spring Budget that MTD for other taxes will not be mandated until at least 2021, all of our focus is now on the VAT implementation.
Tax planning for small businesses is not always straightforward, in fact it can be a serious minefield for the unwary. The chances are however that you and your business could almost certainly pay less in tax, with help from your tax advisor. Here are some tips to get you started.
Last minute Tax Planning. Our guide to what annual allowances you have and how to use them to reduce your tax bill.
So you've received a letter from HMRC’s Let Property Campaign? Happy New Year! From my experience, your initial reaction is likely to be one of the following......
Are you a landlord? Maybe considering a new home, and letting out your current property? Maybe you’re working abroad for a while, and renting your home to make ends meet? Before you take the plunge (or even if you took it years ago), this article aims to help you make the most from your rental income.
IR35 is a tax legislation used to distinguish between employees and genuinely self-employed contractors. Last month we compiled a comprehensive guide to IR35. Now, we take an in-depth look at how the ‘off-payroll working’ rules, introduced to the public sector in 2017, will be extended to medium and large-sized businesses in the private sector from April 2020.
Your Tax Code tells your employer how much tax to take off your pay. What if your code is wrong?
In the past 4 years, 1 in 3 employed taxpayers have been overcharged tax because their employer has received the wrong code from HMRC!
There's every chance that you are not yet aware of Making Tax Digital (MTD). However, if you are a landlord with rental income - (that's income, not profit) – greater than £10,000 annually then you should be. MTD is the biggest shake up to the UK tax system since the advent of Self-Assessment in the 1990s. And it affects you, from April 2020 at least.
IR35 is a complex piece of legislation used to distinguish between true self-employed contractors and employees. As a contractor, it’s important that you have an awareness and understanding of IR35 to ensure that you’re paying the correct amount of tax and National Insurance. Here’s a definitive introduction to IR35 to help you understand how it works.
Whether it's primary residence relief, letting relief, or even the costs of improvement works, our resident landlord and property tax editor, Iain King has the information you need to reduce your CGT liability.
Almost 1 in 3 PAYE employees may have paid too much tax. We have put together a list of 14 reasons why you might be owed money by HMRC.
Our resident landlord tax expert, Iain Rankin, has put together a great guide on how to reduce the amount of tax paid on income from your rental property
Many new or aspiring landlords will often read, with alarm, about a campaign or some form of crackdown by HMRC on buy-to-let landlords, accompanied by warnings that landlords could potentially face tax bills of “thousands of pounds” plus interest, surcharges and penalties.
What is it though that HMRC are actually looking for? Here’s an overview of the main categories of mistakes.
In our detailed Landlord Tax Guide, our experts tell you what you can claim in expenses and a comprehensive insight into HMRC tax rules
Tips on what business expenses you can claim when self employed.
Our guide to making your online self assessment return with tips on reducing you tax bill and avoiding fines.
Organised properly, freelancing/contracting can be the most rewarding way to make a living. Skilful tax planning can transform your finances - and with 15% of the workforce self-employed, financial services providers are at last offering the support contractors and freelancers need.
IR35 is a complex piece of legislation used to distinguish between true self-employed contractors and employees. As a contractor, it’s important that you have an awareness and understanding of IR35 to ensure that you’re paying the correct amount of tax and National Insurance. Here’s a definitive introduction to IR35 to help you understand how it works....
There's every chance that you are not yet aware of Making Tax Digital (MTD). However, if you are a landlord with rental income - (that's income, not profit) – greater than £10,000 annually then you should be. MTD is the biggest shake up to the UK tax system since the advent of Self-Assessment in the 1990s. And it affects you, from April 2020 at least....
Whether it's primary residence relief, letting relief, or even the costs of improvement works, our resident landlord and property tax editor, Iain King has the information you need to reduce your CGT liability....
Almost 1 in 3 PAYE employees may have paid too much tax. We have put together a list of 14 reasons why you might be owed money by HMRC....
Our resident landlord tax expert, Iain Rankin, has put together a great guide on how to reduce the amount of tax paid on income from your rental property...
Many new or aspiring landlords will often read, with alarm, about a campaign or some form of crackdown by HMRC on buy-to-let landlords, accompanied by warnings that landlords could potentially face tax bills of “thousands of pounds” plus interest, surcharges and penalties.
What is it though that HMRC are actually looking for? Here’s an overview of the main categories of mistakes....
In our detailed Landlord Tax Guide, our experts tell you what you can claim in expenses and a comprehensive insight into HMRC tax rules...
Tips on what business expenses you can claim when self employed....
Our guide to making your online self assessment return with tips on reducing you tax bill and avoiding fines....
Organised properly, freelancing/contracting can be the most rewarding way to make a living. Skilful tax planning can transform your finances - and with 15% of the workforce self-employed, financial services providers are at last offering the support contractors and freelancers need....
What are the benefits for contractors of setting up a Limited Company vs Umbrella Company? Read our guide, see how much you could take home in each setup....
Last minute Tax Planning. Our basic guide to what annual allowances you have and how to use them to reduce your tax bill for the 2014-2015 Tax Year. ...
The Listentotaxman guide to the changes to Stamp duty from the 4th of Dec 2014....
Our basic guide to Inheritance Tax (IHT) and how you can save by a bit of forward planning....
