Being employed can be stressful, especially if you have a high-pressure job or work in a small team where your personal performance is constantly measured. Besides your own struggles, figuring out what the employer wants from you can be stressful, too. This becomes a pile of issues when thinking about your taxes as well. Paying too much tax can happen to anyone, regardless of how well...
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If you’ve lost your job since the start of the tax year, there’s a chance that you might be eligible for a tax refund from the government. Income tax is calculated over an entire tax year, so if you lose your job before the end of the year, you’ve probably paid too much income tax based on what you earned over the course of the...
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Did you know that if you are married or you are in a civil partnership, there’s a possibility that you’re entitled to the marriage tax refund or allowance? In fact, you can get as much as £1,220 if you backdate for about four years or so. This is too good to miss, and, surprisingly, many couples are missing out on this tax perk. In this post, we...
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Whether you're a full-time work-from-home employee or you work in a hybrid work environment, it's important to know whether you're entitled to tax relief. According to the Office for National Statistics or ONS, about 25.9 percent of people work from home. As compared to the 2019 data that showed only 12.4 percent are working from home, this is a considerable increase. Because of this, many are...
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If you are employed in the UK and are under 65 , your employer will provide a tax code to calculate how much tax gets deducted from your wage. If you are a pensioner, your pension provider uses a tax code to determine your income tax deduction. But what even is a tax code? Why should you always check it? In this article, we discuss the...
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Capital Gains Tax (CGT) is a tax on the profit you make when you sell something you own which has increased in value. You are only taxed on the gain (i.e. the difference between your buying and selling prices), accounting for any allowances or reliefs. Capital Gains Tax is usually payable when personal possessions (aside from your vehicle), worth £6,000 or more, are sold. These are...
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Tax returns can be completed any time after the tax year's end, as long as it's before the submission deadline. The sooner a tax return is submitted, the sooner the offset or repayment will come in! Submitting a tax return sooner rather than later raises the likelihood of a speedy offset or repayment. Filing a tax return online can be done through logging into HMRC online...
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Since March 2021, the domestic reverse-charge VAT scheme has been applied to most supplies of building and construction businesses. However, much like the several delays in this application, the HMRC's VAT repayments are also delayed due to COVID-19. Refunds often take longer instead of making it into the businesses' bank accounts within the 30-day deadline. This article will run you through everything you need to know about...
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If you're a teacher in the UK, you may be due a tax refund from HMRC. Amongst other things, you could claim professional body membership fees, specialist clothing, equipment and the use of your car for work purposes. Who is Eligible? Every elementary and secondary school teacher Lecturers Higher Educational Professionals Teaching assistants Because this list is incomplete, it is always worth checking to see whether you...
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Introduced in April 2015, the Marriage Tax Allowance is a perk that is available to both married couples and civil partners who are living together. While it’s not the most generous tax perk on the books, you can use it to boost your spouse’s income, for example if they’re a stay-at-home parent. Read on if you want to learn more about the Marriage Tax Allowance and...
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