Heighten Accountants
If you think you have paid too much tax this year, you are not alone. Like yourself, millions of UK taxpayers overpay every year, and often without realising it. This can happen due to a number of reasons for example if you are changing jobs or taking a break from work, in which case you […]
Tax Codes in the UK refer to a series of numbers and alphabets used by HMRC to determine how much income tax needs to be deducted from your earnings.
These codes are used to reflect on an individual’s tax-free allowance and any other additional income that requires taxing.
The term Value Added Tax (tax) refers to a consumption tax imposed on goods and services in the UK. It can be charged at different rates such as standard, reduced and zero-rated rates. Businesses that meet certain criteria must register themselves for VAT, charge it on sales and also submit regular returns to HMRC.
As a self-employed professional individual, managing your own finances can make you feel a bit overwhelmed sometimes. Whether you are a freelancer, sole trader, or an independent contractor, it is crucial to keep accurate financial records. This guide will breakdown all the basics of tracking your income, managing expenses and staying HMRC compliant. Why does […]
In the UK, it is a general rule that as a landlord, you are only taxed on your net rental profits rather than your total rental earnings. You can calculate your net rental profits through this formula: Net Rental Profit = Gross Rental Income – Allowable Expenses It is crucial to know exactly which costs […]
If you are a landlord in the UK, and are thinking about selling your property, an essential part of this process includes assessing the Capital Gains Tax (CGT) applied to your sale. CGT is calculated only on the Profit made from selling your property, not on the full sale price. Due to this, it is […]
