Heighten Accountants
What is inheritance tax? Inheritance tax (IHT) is a specific tax imposed on the estate of someone who has passed away. It applies to the value of their property, money, and possessions above a certain threshold. In the UK, the standard tax-free allowance (nil-rate ba...
Mortgage interest relief refers to deductible mortgage interest costs from taxable income, which helps lower the overall tax liability. This tax relief was initially available to both homeowners and landlords, but over the years, the rules have changed signific...
Value Added Tax (VAT) is very significant in the UK construction industry, as it is affecting developers, contractors, and property owners. Understanding VAT regulations is important for ensuring HMRC regulations, avoiding financial penalties, and maximising VAT rel...
Taxes are an integral component of national life, as they finance all services that you want to enjoy today, including healthcare, education, and infrastructure. Without taxes, the UK would struggle to support its defense, welfare, and public services. Parliame...
It is not uncommon for a lot of people in the UK to have two jobs to boost their income. But this comes with very important tax considerations. In the UK, the tax system ensures that income from all sources is accounted for, which can sometimes lead to confusio...
Value Added Tax (VAT) plays a crucial role in the UK’s tax system and applies to most goods and services sold in the country. Businesses of all sizes are required to comply with VAT regulations, which include submitting returns to HM Revenue and Customs (HMRC) on tim...
