Heighten Accountants
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 […]
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. Parliament controls taxation to make sure the funds are allocated effectively. The revenue of taxes has historically […]
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 confusion when managing multiple jobs. In order […]
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 time. Getting VAT reporting right is essential to avoid […]
The HMRC Business Tax Account is an online service provided by HMRC in the UK. It allows you to manage your business tax affairs, including filing tax returns, viewing payment history, and updating business details. Essentially, it’s a digital hub for your business to interact with HMRC and stay on top of your tax obligations.
