Earlier this month, the HMRC rolled out a huge change to the PAYE system called “Real Time Information.” Its goal is to maintain up-to-date data, giving government departments a more accurate picture of taxpayer earnings. However, employers are reporting problems with the new system and accountants across the UK are warning that those problems could […]
The tax code in the United Kingdom is complicated as it is in many other places as well. The average citizen probably does not have a great chance of understanding the entire code, and may well be losing out on some of the UK tax refunds that they are duly entitled. This is the very […]
Depending on your income level, you may be paying tax on the interest from your savings account when you do not have to. Who qualifies and how can you get your money back through a tax refund? Qualifications If your taxable income is less than your tax-free Personal Allowance then you qualify to register for […]
Students are typically a group that needs their money as much as anyone. They have expenses that they have not had to face in the past, and they are probably not used to having to pay for all of the things that they are now expected to take care of. As such the student tax […]
The UK has long been considered a place of opportunity and prosperity, which has beckoned migrants to come here to find work for decades. The construction industry is one that is popular for hiring foreign workers, because they are found to be hard working, skilled in the trade and provide opportunity for expansion. However, there […]
Independent contractors who want to make the most of their tax refunds need to make sure that they understand what they are entitled to. Many people see maximizing tax refunds as a way to “get over” on the system, but this couldn’t be further from the truth. You are essentially receiving refunds on money you […]
Are you wondering how to make sense of your payslip each month? You may see chunks of your money being zapped by NI and tax, but what is PAYE? We’ve made it easier to understand PAYE Tax and how it works with our comprehensive guide. Keep reading to find out how you can claim tax […]
How to do tax return online? Filing it online may appear onerous, but proper planning can alleviate the burden. Also, good guidance is helpful. If you need to file a tax return online, we’ll provide some pointers. But, of course, we understand it’s a bit of a pain, so we don’t blame you. Why do […]
Under the construction industry system (CIS), contractors deduct money from subcontractor payments and remit it to HMRC. The deductions are regarded as advance payments toward the subcontractor’s tax and social security contributions. Contractors must register with the system, although subcontractors are not obligated to do so. Even if they don’t register, their payments are deducted […]
You’re earning money whether you work part-time around your education or do some temporary or informal work over the holidays. These small revenues are a blessing throughout your school years since they help you fund your student expenses. However, Her Majesty’s Revenue and Customs (HMRC) needs to know about your earnings. How do tax returns […]