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Direct Debit payment – Page 10 of 11 – TaxScouts Taxopedia

A Direct Debit payment is an instruction to your bank, authorising someone to draw money from your account. You can use it for your tax bill.

What to do if you lose your P60 or P45?

Did you misplace your P45 or P60? It actually happens a lot and is nothing to worry about. Here's how to find them.

Equity crowdfunding – TaxScouts Taxopedia

Equity crowdfunding is a form of crowdfunding. It’s a method through which an early stage business can raise money by selling shares.

Want to own a share of TaxScouts? – Page 10 of 11 – TaxScouts

We’re getting another round of investment from our institutional investors and we'll make some shares available on Crowdcube. Learn more.

Can salary sacrifice reduce tax?

Can salary salary sacrifice reduce tax you owe? Yes it can! It's a great hack to be more tax efficient. Click here for how it works.

Company Share Option Plan (CSOP) – TaxScouts Taxopedia

A company share option plan (CSOP) is a share option plan where a company can grant tax-free shares to an employee or a director.

Community Investment Tax Relief (CITR) – TaxScouts Taxopedia

The Community Investment Tax Relief (CITR) is a tax relief for investors who invest in disadvantaged communities, worth up to 25% of the...

Property Investor Show – Page 10 of 11 – TaxScouts

...– £119 £107 Sign up to choose your service. Sign up now Choose your service Self Assessment tax returns £134 Tax returns can be stressful. So why not let our...

TaxScouts guide to crypto Christmas gifts

It's almost... crypto Christmas! If you're thinking about gifting crypto to someone special this year, read about the tax implications here.

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.

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.

Wait, what’s an accredited accountant?

Each one of our accountants is an accredited accountant, governed by one of the six regulatory accountancy bodies in the UK.

Off-payroll – Page 10 of 11 – TaxScouts Taxopedia

Off-payroll means getting paid for work through ways other than through a salary (otherwise known as a payroll).

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.

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.

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.

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.

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.

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.

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.

What is Taxable income? – TaxScouts Taxopedia

Taxable income is income that you have to pay tax on. What you can claim to reduce your taxable income depends on your situation: self-employed, etc.

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.

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.

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.

How to get professional advice from a UK tax advisor

Here's the safest way to get tax advice from a UK tax advisor. There are some things you should consider before taking the leap, so read on.

National Insurance Number (NINo) – Page 10 of 11 – TaxScouts Taxopedia

The National Insurance Number (NINo) is a number that proves you have the right to work in the UK when you're looking for a job.

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.

It no longer pays to be a landlord in 2024… or does it?

It no longer pays to be a landlord in 2024, so what does that mean for short-term holiday lets and their respective landlords?

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.

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.

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.

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 add additional documents to your TaxScouts account

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

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.

Unlimited liability

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

Request your Companies House authentication code

Learn how to request Companies House authentication code. it’s key when it comes to updating your business activity online.

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.

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.

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!

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.

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.

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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