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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...

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...

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...

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...

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...

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...

If you are employed and under the age of 65, your employer will provide you with a tax code to help calculate how much tax refunds you can get from your salary. Like this, the pension provider uses a tax code for pensioners to determine how much income tax is removed from their pension. But what do tax codes mean, and why should you always...

There are times when you may overpay your income tax by mistake. The thing is, you do not have to worry too much about it since you can still file for a tax refund. However, every transaction involving taxes will always have a due process that goes along with it. This only means that you have to be aware of each and every one of...

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...

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...