When the second parent dies, their estate can be subject to UK Inheritance Tax (IHT) at 40% on the taxable value above the available allowances. However, where a married couple or civil partners have unused allowances from the…
A cash bonus is treated as ordinary employment earnings in the UK. HMRC normally collects Income Tax and Class 1 National Insurance through PAYE, and your bonus can also affect deductions such as Student Loan repayments. There…
Private Residence Relief (PRR) can exempt some or all of the gain made when you sell a home from UK Capital Gains Tax (CGT). Full relief is generally available where the property has been your only or…
You can change your tax code online through HMRC by checking and updating the employment, pension, income, benefits, and expenses information HMRC holds about you. If any information is incorrect or missing, HMRC can review your…
If you’re approaching State Pension age, one of the first questions you may ask is “Is the State Pension paid in arrears or in advance?” Yes. The UK State Pension is paid in arrears, meaning you receive…
Claiming benefits you’re entitled to is an important part of the UK welfare system. However, deliberately providing false information or failing to report changes in your circumstances can lead to a benefit fraud investigation. The Department…
If you’ve ever purchased car, home, travel, pet, or business insurance, you’ve probably paid Insurance Premium Tax (IPT) without realising it. IPT is a tax added to most insurance premiums in the UK. It is collected by insurance…
Keeping track of when your car tax is due is an important part of responsible vehicle ownership in the UK. Whether you drive every day or only occasionally, ensuring your vehicle remains taxed helps you stay compliant…
Running a small limited company involves much more than generating sales and serving customers. Business owners must also keep accurate financial records, manage invoices, monitor cash flow, prepare tax returns, and comply with HM Revenue…
Starting a business is an exciting step, but one of the first decisions you’ll need to make is choosing the right business structure. For many entrepreneurs in the UK, becoming a sole trader is the simplest and…
If you’re wondering how to cancel road tax in the UK, you must notify the Driver and Vehicle Licensing Agency (DVLA) when you sell, transfer, scrap, export, or declare your vehicle as off the road (SORN). You…
Introduction Spreadsheets have been an essential business tool for decades, helping organisations of all sizes organise, analyse and manage data efficiently. Whether you’re tracking expenses, preparing budgets, managing inventory or analysing sales performance, spreadsheets provide…
Setting up limited company is one of the most popular ways to start a business in the UK. A private limited company (Ltd) gives business owners a separate legal identity, limited liability protection, and a…
HMRC is a vital component of the UK government’s financial infrastructure, managing a significant range of responsibilities while raising funding for public services and government initiatives. As such, its activities and policies have a direct…
What is the emergency tax code? This is a common question when you’re issued a different tax code from your regular one. There’s no doubt that emergency tax codes can be confusing, especially if you…
