Author: Holly

Happy New Tax Year

The new tax year began on 6th April and this year has brought many financial changes that will impact all individuals and businesses. Here is a summary on some of the biggest changes: 1. The New National Minimum Wage  The minimum wage has increased for all workers, although some have seen more of a gain…

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Can I Employ Family Members?

More than 60% of UK businesses are family owned. You can employ any family members in your business and take advantage of the lower tax rates and personal allowances that may be available to your spouse, civil partner, or children. In turn, this arrangement can help reduce your household’s overall tax bill.

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Do I have to pay Capital Gains Tax when I sell my home?

You don’t usually need to pay Capital Gains Tax when you sell your home but there are circumstances where you may be liable to pay Tax. Automatic Private Residence Relief You don’t pay Capital Gains Tax when you sell your home if all of the following apply: You have one home and you’ve lived in it…

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Tax Relief on Pension Contributions

Getting tax relief on pensions means some of your money that would have gone to the government as tax goes into your pension instead. You can put as much as you want into your pension, but there are annual and lifetime limits on how much tax relief you get on your pension contributions.

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Self-Assessment Tax Answered

How much do I have to earn to declare my income to HMRC? Good news if you earn £1,000 or less from an income source, not only do you not have to pay income tax on it, you also do not need to declare it to HMRC! If you do earn more although you will…

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