Heighten Accountants
Value-Added Tax (VAT) is a consumption tax applied on most of the goods and services sold in the UK. Currently, the standard rate is set at 20%, along with a reduced rate of 5% and 0% on certain goods and services. This VAT is collected by businesses on behalf of HMRC. When a business is […]
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.
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 […]
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 band) is £325,000 per individual. Married couples and civil partners can […]
