Tax

Personal Allowance Reduction for High Earners

Navigating The Personal Allowance Reduction For High Earners

As your bookkeeper, it’s essential to understand how earning over £100,000 in a tax year affects your personal allowance and what strategies can be employed to mitigate the impact. Personal Allowance Reduction If your adjusted net income exceeds £100,000, your personal allowance decreases by £1 for every £2 over this threshold, regardless of your age. […]

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Tax allowable expenses

Understanding Tax Allowable Expenses For The Self-Employed

As your bookkeeper, it’s essential to understand which expenses are tax allowable, as these can significantly reduce your taxable profit. General Rules for Allowable Expenses You can claim expenses for items you would typically use for less than two years, such as stationery and office sundries. Additionally, costs like rent, rates, power, and insurance are

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HMRC Updates Guidance

HMRC Updates Guidance To Help Identify Genuine Contacts

HMRC (Her Majesty’s Revenue and Customs) has recently updated its guidance to assist taxpayers in verifying the authenticity of communications claiming to be from HMRC. This initiative aims to safeguard taxpayers from falling victim to scams orchestrated by fraudsters seeking to obtain confidential or personal information. The updated guidance includes a comprehensive list of recent

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tax code

What Is A Tax Code?

Understanding your tax code is essential for ensuring you’re receiving the right tax allowances and deductions. The letters in your tax code signify your entitlement to the annual tax-free personal allowance and help your employer calculate how much tax to deduct from your pay packet. For the current and upcoming tax year, the basic personal

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maximising tax deductions

Maximising Tax Deductions

A Bookkeeper’s Guide For Small Business Owners As a small business owner in the UK, you understand the importance of managing your finances effectively to maximise profits and minimise expenses. One significant aspect of financial management is maximising tax deductions. By leveraging available deductions, you can reduce your tax liability and keep more money in your

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