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Children and income tax

Our guide to tax when you’re gifting money to children. We explain the guidelines and how parents might avoid falling foul of the ‘£100 rule’. Do children pay income tax on their savings? Technically, yes – children are obligated to pay tax on savings, as they have the same income tax allowance as adults. It’s uncommon, though, as children […]

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35 ways to save on tax

Check your tax code, use tax-free allowances, and other strategies to pay less tax. Tax savings Whether you’re an employee, self-employed, landlord, investor, or retiree, you can legitimately lower your tax payment. We explain how simple checks can raise your take-home pay with no effort, as well as tax breaks and government programmes. Here are […]

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Working tax credit explained

Find out if you can claim working tax credit in 2021-22. Working tax credit Working tax credit helps low-income workers with day-to-day expenses. Working tax credit could be worth up to £2,070 in 2022-23 if you work a particular number of hours and have a modest income. This is working tax credit’s “fundamental element.” This […]

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Small business tax: what you need to pay

Learn the ins and outs of the various types of taxes that affect small businesses, such as corporation tax, value-added tax, capital gains tax, and capital allowance. What kinds of taxes are levied against small businesses? When you manage a small business, the business structure of your firm will determine the sort of tax you […]

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Inheritance tax and trusts

Trusts can help you preserve control of what happens to your assets after you pass away. They can be advantageous from an inheritance tax perspective, albeit you may wind up paying more Using trusts to avoid inheritance tax Trusts are an often ignored option to manage your estate when you die away, preserving an element […]

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Inheritance tax: thresholds, rates and who pays

A tax on inheritance equal to forty percent is levied against the assets that are passed down to subsequent generations. Make use of our calculator for the inheritance tax, as well as learn about inheritance tax rates and how it functions. Just what is the IHT? If you have any plans to leave assets or […]

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Inheritance tax planning and tax-free gifts

Find out how you can lower the amount of inheritance tax you have to pay by making gifts from your estate, and learn what is meant by the term “possibly exempt transfer.” Is it possible for me to avoid paying inheritance tax by giving money away? When you pass away, a portion of your estate […]

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Tax on pensions

Learn about how different income sources are taxed in retirement, and use our handy calculator to calculate out how much you’d have to pay. Pension tax calculator 2022-23 Since April 2015, anyone aged 55 or over has been eligible to cash in their whole pension amount. One MP famously quipped that pensioners were free to […]

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Self-employed income tax

Learn how self-employed income tax works, how to file your tax return, and what supplemental tax return parts and paperwork you might need to fill out What is self-employed income tax? If you’re self-employed, pay you’ll income tax in a different method than hired workers, as it’s charged on your profits rather than your gross income via a self-assessment […]

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How to file a self-employed tax return

Learn the ins and outs of filing tax returns for your own self-employment, including how to select the appropriate accounting period and all you need to know about payments on account. When you are self-employed, are you required to fill up and file a tax return? If you are self-employed, you are required to submit […]

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