Taxation

One may not expect but, content creation can start as a small side hustle or passion project and quickly turn into a real business. When the account starts growing, brand partnerships, affiliate commissions, platform payments, digital products, subscriptions, and gifted services or products start coming in and the income which started off as a hobby turns into something substantial.

When businesses fail to plan ahead, they can end up paying more tax than necessary, especially when tax is one of the biggest costs a small business may face. Waiting for the tax deadline to approach leaves you with less opportunity to make the most of the expenses, reliefs, allowances and tax planning options available under UK tax rules.

One of the most common tax planning strategies used by married couples and civil partners in the UK is transferring property to a spouse. 

Many pensioners assume their income is automatically tax-free once they retire. Others worry the State Pension itself will be taxed the moment it lands in their bank account. Both assumptions are not exactly right. The total income decides whether a pensioner pays Income Tax, not their age or the label on the payment.

Every January, thousands of self-employed individuals and business owners face the same sinking feeling after seeing their tax bill. Many treat tax as an afterthought, and when the deadline finally arrives, the funds needed to settle the bill have long disappeared into everyday business and living costs.

Capital Gains Tax (GCT) refers to the tax applicable on the profit or gain you make when disposing off an asset that has increased in value. When it comes to shares, the gain is calculated as the difference between what you paid for them and what you are receiving when selling or transferring them.