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Is the teacher tax rebate genuine?

There's a lot of debate about the teacher tax rebate and whether it's something that teachers can actually claim. Read this for guidance.

How do I set up a limited company: A step-by-step guide

How do I set up my limited company, you ask yourself? Get the step-by-step info on what records you need to keep and how to register.

Interest on your savings is increasing your tax bill…

You may have already found out the hard way that interest earned on your savings is taxable. But, what does this mean for your savings?

CIS refund: all your FAQs answered.

Wondering how long a CIS refund takes? Get answers to all your FAQs, from agent authorisation to HMRC deductions here.

Limited company – TaxScouts Taxopedia

A limited company is an organisation that you set up to run your business. Click here to read about the basics of how it works, and more.

What are the most tax-efficient investments in the UK?

HMRC assumes interest from joint accounts to always be split down the middle. If you want to change this split, find out how to do it here.

How to pay UK taxes when living abroad

You must still pay income tax on any income you get from the UK even if you live overseas. Here's how to prevent paying taxes twice.

The P800 form: what to do if HMRC sent you one

If HMRC thinks you haven't paid the right amount of tax, you'll receive a P800. If you receive one, you'll want to know what to do with it.

What tax-free allowances do you have?

Claiming tax-free allowances can significantly reduce the amount of tax that you need to pay. Find out more about these allowances here.

Tax deductions for influencers

As a new profession, you might think that there aren't tax deductions for influencers. But for HMRC, you're treated like any other self-employed worker.

Is your company’s Christmas party tax-free?

Did you know there’s a tax exemption for your company's Christmas party? To qualify, your company’s party must meet a set of requirements.

Personal Savings Allowance – Page 10 of 11 – TaxScouts Taxopedia

The Personal Savings Allowance is tax-free interest you can earn: £1,000 if you pay basic rate tax, £500 if you pay higher rate tax.

9 tax deductions for DJs

Do you know exactly what you’re entitled to claim as an expense if you're self-employed? Explore nine tax deductions for DJs.

6 pension hacks every freelancer should know

Like tax, pensions are a notoriously unexciting conversation starter. Penfold helped us put together these six facts to learn about pensions.

What to know about the tax credit end

The tax credit end has already happened. Learn how the transition to Universal Credit affected you and what steps you need to take next.

Are there legitimate ways to reduce tax?

There are lots of legitimate ways to reduce tax. Another way of describing this is being more tax efficient.

Proforma invoice – Page 10 of 11 – TaxScouts Taxopedia

If you're self-employed, a proforma invoice is a document that you can give to a client to give them an idea of the final price.

What is a CIS tax deduction?

A CIS tax deduction is a payment withheld from a subcontractor's pay by contractors and sent to HMRC to cover tax obligations.

SA104 – Page 10 of 11 – TaxScouts Taxopedia

The SA104 is a form that you attach to your main SA100 tax return form if you need to declare profits or losses from a partnership.

Will I receive working or child tax credits on a bank holiday?

Worried about how the bank holiday may affect your Working or Child tax credits? Get the low-down on how HMRC payments work, here.

How to avoid paying tax on cryptocurrency

If you owe crypto tax, you can’t avoid paying it - but there are a few ways you can navigate the dreaded ‘crypto-tax’. Read about this here!

What taxes do landlords have to pay in the UK?

There are five taxes that landlords must pay in the UK: Stamp Duty, Income Tax, National Insurance, Capital Gains Tax, and Inheritance Tax.

Annual Investment Allowance (AIA) – Page 10 of 11 – TaxScouts Taxopedia

The Annual Investment Allowance (or “AIA”) is a tax relief. It can be claimed by sole traders, limited companies and partnerships.

Autumn Budget – Page 10 of 11 – TaxScouts Taxopedia

The Autumn Budget is an annual statement that sets out the UK government’s plans for raising and spending money. It can often include changes to Income Tax.

Basis period – TaxScouts Taxopedia

The basis period is the period on which a sole trader calculates their tax each year. You calculate income and expenses during this period.

Tax written down value – TaxScouts Taxopedia

Tax written down value is basically tax jargon related to Capital Allowances. You need to know it for certain business assets.

What limited company tax do you need to pay?

Understand limited company tax obligations, from Corporation Tax to VAT and what your LTD company needs to pay to stay compliant.

Pension Tax Relief calculator – TaxScouts

Calculate how much tax relief your private pension provider should automatically get you and how much more you’re entitled to from HMRC.

HMRC’s income record viewer is a game changer: here’s why

The highly anticipated income record viewer has finally touched down, and tax professionals across the country couldn’t be happier.

How do IR35 changes affect me?

The IR35 changes came into force in April 2021 at the start of the new tax year. They were delayed as a result of COVID-19.

VAT exempt – TaxScouts Taxopedia

VAT exempt means that for something you don’t have to pay or charge VAT. If you're self-employed, here is when you need to care about VAT exempt services.

How to add additional documents to your TaxScouts account

How to upload additional documents to your TaxScouts account and tax return

Allowable expenses for limited company directors

Allowable expenses for limited company directors help you be as tax-efficient as possible and can lower your corporation tax bill.

Invoice – Page 10 of 11 – TaxScouts Taxopedia

An invoice is a bill that a business gives to its customers, asking them to pay for the goods or services that the business has supplied to them.

P800 – Page 10 of 11 – TaxScouts Taxopedia

A P800, also known as a tax calculation, is a letter from HMRC that tells you that you have paid the wrong amount of tax.

Are you on the correct tax code?

A set of letters and numbers known as the tax code instructs HMRC on how much tax you owe. You maybe overpaying if you're on the wrong code.

Spring Statement 2023

The Spring Statement is an annual announcement made by the Chancellor of Exchequer regarding the financial health of the economy.

How to change your tax code

Get help with all things tax with TaxScouts, like how to change your tax code if you fear you may be on the wrong one.

Eugene Amo-Dadzie, the ultimate numbers man

TaxScouts sponsors Eugene Amo-Dadzie: 4th fastest Brit of all time in 100m, working to qualify for the Olympics, and working accountant.

Can you go to jail for not paying taxes (UK)?

Can you go to jail for not paying taxes? One of the most frequently searched questions on the net. So, can you? Read this guide to find out.

Trading vs investing – how are they taxed differently?

Whether you’ve bought shares as a one-off investment or been mining crypto tokens as your side gig, here's what you need to know about tax.

How to add your UTR number to your TaxScouts profile

Here's how to add your personal details to your TaxScouts profile - including your address, date of birth, National Insurance number, and UTR number.

Unlimited liability

Unlimited liability means that the owner(s) of a business is personally responsible for any debts the business racks up.

LP10 letter – TaxScouts Taxopedia

An LP10 letter is a letter sent by HMRC that instructs your short-term employer or contractor not to deduct tax from your earnings.

What is bookkeeping and how do you do it?

Bookkeeping is the practice of recording and tracking the financial transactions of a business. Think income, expenses and more!

Let’s talk the Let Property Campaign

The Let Property Campaign is what HMRC describes as the “opportunity” for landlords to disclose their rental property earnings.

Is a gym membership tax deductible for a business?

Is a corporate gym membership tax deductible? It all depends. HMRC considers gym membership to be a personal cost the majority of the time.

If these 6 signs describe your accountant… run!

Finding the right accountant can be tricky, especially if you’re new to the world of tax returns. Here are 6 signs that spell bad news.

What is HMRC’s £2,000 tax-free summer holiday support?

If you have children under 11, you might be eligible for Tax-Free Childcare support, and receive up to £2,000 a year per child

Fiscal year? – TaxScouts Taxopedia

The fiscal year is the same thing as the “tax year”. In the UK it runs from 6 April one year to 5 April of the following year.

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Tax guides and articles

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