Tax planning is a financial strategy where you aim to minimise your tax liability within the legal boundaries. It involves analysing your financial situation, income, and expenses to make informed decisions that can help you reduce the amount of taxes you owe. The goal is to use available deductions, credits, and exemptions to your advantage, ensuring that you keep more of your hard-earned money.
As a small business owner or partner, navigating the complex landscape of accounting methods can significantly impact your taxable profits. The choice between the accruals basis and the cash basis is a decision that requires careful consideration, and this blog aims to guide you through the essential factors to help you make an informed choice.
Navigating the intricate realms of finance and taxation often leads us to encounter the enigmatic term: Capital Gains Tax (CGT). Whether you’re a seasoned investor, a homeowner on the verge of selling a property, or someone who’s just bumped into this term, our goal here is to unravel the intricacies of CGT in the UK.
When ATED was introduced on 1 April 2013, the threshold amount was £2 million. The threshold has since been reduced, firstly to £1 million from 1 April 2015 and then to £500,000 from 1 April 2016.
Trading Non-Fungible Tokens (NFTs) on the crypto market has gained significant popularity, attracting individuals looking to explore the world of digital assets.
However, it’s crucial to understand the tax implications involved in NFT trading to ensure compliance with UK tax regulations.
One of the key incentives for someone who saves into a pension scheme is the tax relief on your contributions available from the government. It is a way of encouraging UK taxpayers to save for retirement.
Whatever income tax bracket you fall under, if you pay into a pension plan, you can claim pension tax relief and this article will explain how it works.