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Author: Amy

wedding

To some people, marriage is no longer a necessity. People can live together and stay with each other without formality. However, marriage also has its perks. It is more than just about love, friendship, and companionship. It is also about legal rights and protections. Moreover, it can help you reduce your tax bills through marriage allowance. How Marriage Allowance Works When a person gets married, they gain...

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people working

A lot of people don't know that the marriage allowance exists. It's been in effect since the 6th of April, 2015. Certain couples are just gaining awareness about the marriage allowance nowadays, years later. Luckily, it's possible to backdate claims for up to four years. Marriage Allowance: What Is It? With the marriage allowance, an individual will be able to transfer 10% of their personal allowance (£12,570...

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answering forms

Taxes can be a bit tricky, especially without the help of a professional. For example, you may be wondering if you need to complete a tax return. And if so, what would you need to do? If you're finding yourself in this predicament, we're here to help with a simple guide on tax returns in the UK. What Is the Tax Return System in the UK? Tax...

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tax return

Claiming a tax refund is only applicable for people who paid too much tax on various occasions. For example, employees spend too much tax on current or previous jobs, pensions, life or pension annuity, redundancy payment, interests from savings, foreign income, UK income, and fuel and clothing costs. Like other government fees, there is a due date for every payment. In 2022, there are a few...

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Construction Industry

Under the construction industry scheme (CIS), the contractor withholding your taxes is obliged to withhold tax on its payments to you. Many people under CIS overpay their taxes and need to claim a refund later. This article covers the how-to of claiming back tax under the CIS. What Is CIS? CIS stands for Construction Industry Scheme. This is a tax-saving plan that was launched in 1984. It...

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Are you feeling financially short despite working every day? Then you might want to check your pay stub carefully. It may indicate that you are overpaying taxes through being on an emergency tax code. If you think you’re owed a tax refund, here are a few things to consider before filing: What is PAYE? Pay As You Earn is a tax code given to employees by Her Majesty’s...

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Did you know that you may be eligible for a CIS tax refund if you are a member of the Construction Industry Scheme (CIS)? As a self-employed contractor, you may recoup many of your company expenditures by deducting them from your salary during the year. Subcontractors in the construction business who are CIS-registered can claim tax reduction on qualified costs on their CIS tax return. Many contractors...

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Tax returns

Tax returns are the documents that record your income and taxable income and calculate the amount of tax you should pay. You will have to provide income (and other) details every year, and they'll be sent off to HMRC. Your tax return will also state your National Insurance contributions to be paid. Failure to submit a tax return on time can result in severe penalties, including...

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