How to manage self assessment tax
How to manage self assessment HM Revenue and Customs ” the tax man” uses Self Assessment in order to collect Income Tax. If a Self Assessment needs to be sent in, it must be filled out by the end of the tax year it is applicable to (5 April). It is necessary to keep records…
HMRC Corporation Tax Explained
Corporation tax Corporation tax is charged on a company’s profits. If you trade as a limited company, you’ll want to ensure that paying corporation tax is as painless as possible – both in terms of paperwork and the total corporation tax payable.In terms of corporation tax rates, the UK rate is relatively low – significantly…
HMRC Tax Codes
HMRC Tax codes explained \r\n If your tax code is wrong, you could be paying too much tax \r\nPAYE (pay as you earn) is a system where tax is deducted directly from your earnings or company/private pension before you receive any money.\r\n\r\nHMRC gives your employer or pension provider a tax code to show how much…
How to register as Self Employed
\r\n How to register as self employed \r\n \r\n \r\n\r\nThe simplest way to start a business in the UK is to become self employed. This is also commonly referred to as becoming a sole trader.\r\n\r\nThere is minimal paperwork to take care of, and you don’t have to pay any company formation costs. However, you do…
How to Claim Tax back paid on wages as a student
How do I claim back tax I have overpaid through PAYE on wages? \r\n This section looks at what to do if you have paid too much tax on your wages and what the time limits are for making a claim. \r\nFirst, though, we look briefly at HMRC’s P800 tax calculation process, which may mean…