When you are employed and self-employed you’ll pay Class 1, Class 2 and Class 4 national insurance. That can add up, especially if you have substantial earnings. HMRC sets out a maximum amount every tax year of national insurance that you need to pay. Here’s how to check if you are overpaying and how you can get a refund.
Depending on your profits from self-employment you may not need to pay Class 2 National Insurance. But you do have the option to pay it voluntarily. So why would anyone pay something they don’t have to? Let’s look at why.
Foster Carers need to follow special tax rules and are entitled to unique tax allowances that help reduce their tax bills. This guide covers what you need to do, the forms you’ll need to fill out and how your taxes will work.
The Blind Person’s Allowance is an additional amount of personal allowance given to those who qualify to claim it. The additional allowance means anyone who is eligible to earn more before paying tax. Blind Person’s Allowance 2019/2020 The allowance changes every tax year. The current allowance is: The current personal allowance rates are: That means (more…)
If you or your partner earn between £50,000 and £60,000 then you’ll need to pay back any child benefit you have received in the form of an Income Tax Payment.
Child benefit is a payment by the government to support certain people who are responsible for children up to the age of 20. The amount you can claim, if at all, depends on yours and your partner’s circumstances, as well as the number of children you are responsible for.
When you’re a self-employed dad-to-be getting to grips with your paternity pay rights will help with: planning the amount of take to time off; understanding how your earnings will be affected. Self-Employed Paternity Pay Whilst being your own boss can bring many benefits. When you are employed you have a right to claim for statutory (more…)
Here’s some tax advice for self-employed painters and decorators who want to: Understand more about self-employment taxes; Reduce their tax bill; Learn more about tax-deductible expenses; Know a bit more about bookkeeping. Need to Register as Self-Employed? Here’s how to do it How Taxes Work for Self-Employed Painters and Decorators When you are self-employed you (more…)
With HMRC racking up cases against the likes of Uber, Deliveroo and Pimilco Plumbers it can be worrying if you are self-employed and only work for one company. Why Are HMRC Getting So Heavy When a business takes on a person on a self-employed basis rather than as an employee, they avoid having to: Run (more…)
Simplified expenses are flat rates set by HMRC to make claiming for certain expenses easier and quicker when filling out your self-assessment tax return.