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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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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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Age-related tax allowance

When I was younger, I was able to claim a larger tax-free allowance than I can now. This is not the case any longer; nonetheless, there are still opportunities to obtain advantageous tax benefits. In retirement, what tax do I have to pay? You can bring in a respectable sum of money from your job […]

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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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Understand your tax code

HMRC will determine the amount of tax that must be withheld from your salary based on the tax code that you have. Find out what it means to have yours, how to check it, and what to do if it turns out that your tax code is incorrect. What is the meaning of a tax […]

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Income tax calculator 2022-23, 2021-22 and 2020-21

You may determine how much of your salary you will be able to keep and the tax rates that will be in effect in the future tax year by using an income tax calculator. This useful calculator will show you how much income tax and National Insurance you will be required to pay in the […]

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