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SA100 HMRC form – Page 7 of 11 – TaxScouts Taxopedia

The SA100 HMRC form is the main way to file your tax return. Depending on why you need to file, you may need to add another form to it.

Capital Allowances – TaxScouts Taxopedia

Capital allowances can be used to claim tax relief on things that have been bought for business use e.g. equipment, vehicles, and R&D costs.

Crypto tax calculator

Interested in cryptocurrency? Want to know how much crypto tax you may have to pay? Well have a quick try of our crypto tax calculator here!

How to calculate the self-employed break-even formula

The break-even formula is used to calculate the point at which a business' profits are equal to its costs.

Credit record – Page 7 of 11 – TaxScouts Taxopedia

Your credit record, also known as your credit score or rating, is a number that banks use to figure out if a potential borrower is reliable.

What is £150,000 after tax?

You might be shocked at how much money is left over after taxes when you make more than £100,000, you enter a 60% tax trap.

UK income tax rates for tax year 2022/2023

Your earnings below £12,570 were tax free. This is called the Personal Allowance. Read more about the 2022/23 Income Tax rates here.

Gift Aid – TaxScouts Taxopedia

Gift Aid is a tax incentive that allows charities to claim back Income Tax (at the basic rate) on donations made through the scheme.

Income tax rates in the UK

The income tax rates in the UK depend on how much you earn per year. The basic rate is 20%, and increases to 40% and then to 45%.

Self-employed and need an invoice generator?

An invoice generator is a program or software that can create an invoice for you. Now, you barely have to lift a finger!

What can I expense as a freelance graphic designer?

As a freelance graphic designer, and a sole trader in general, you’re can reduce your overall tax bill by deducting your business expenses.

P45 – Page 7 of 11 – TaxScouts Taxopedia

A P45 is a form that your employer has to give you when you're leaving your job. You'll need one if you're starting a new job or filing a Self Assessment.

Do you need to keep receipts for tax purposes?

If you're self-employed, you know its important to keep track of invoices for tax purposes, but do you also need to retain receipts?

I’ve not done a tax return for 20 years

First and foremost, don’t panic. If you’ve not done a tax return for a long time, whether that’s three years, five years or more, all is not lost.

Welsh rates of Income Tax – TaxScouts Taxopedia

Since 6th April 2019, Welsh rates of Income Tax have been determined by the Welsh government instead of England’s. Here are the details.

The low-down on Income Tax in the UK for foreigners

If you’re planning on moving to the UK, listen up because we’re giving you the low-down on Income Tax in the UK for foreigners.

Free accounting software to automate your finances - TaxScouts

Get a full 360° accounting overview of your money so you can be more efficient and ready for tax season.

Subcontractor – TaxScouts Taxopedia

A subcontractor is a person or a business who is hired by a contractor to work on individual jobs that form a larger project.

How common is celebrity tax evasion?

Celebrity tax evasion is a phrase that's pretty common. But you’d think that they would be able to pay their taxes without any issues, right?

Umbrella company – TaxScouts Taxopedia

An umbrella company is a business that can act as an employer to contractors, freelancers, and self-employed workers.

Link your bank account with free bookkeeping software- TaxScouts

Connect your bank account and pull your business spending directly. Spend less time on admin and more time making your money sparkle.

UK payslip – Page 7 of 11 – TaxScouts Taxopedia

A payslip is a note that your employer gives you when you've been paid. Here's what you can find on them and why they're important.

Company director – TaxScouts Taxopedia

A company director is a registered director of a limited company. As director, you have to register with Companies House to occupy the role.

File your Tax Returns Online - Easy to use Platform - TaxScouts

Get matched with an accredited accountant to sort your UK tax returns. Simple, fast, all online. File your self assessment today.

Free online invoicing made easy with TaxScouts

Creating, personalising and sending invoices just got easier. With our invoice software, track your payments, get paid faster and never lose an invoice.

Pro rata – Page 7 of 11 – TaxScouts Taxopedia

Simply put, pro-rata is a Latin term which means proportional. Think pie charts. It’s commonly used when talking about part-time work.

UK income tax rates for tax year 2016/2017

The UK income tax rates are revised each year as part of the UK budget. Find out what the income tax rates were for the tax year 2016/2017.

UK income tax rates for tax year 2021/2022

Your earnings below £12,570 were tax free. This is called the Personal Allowance. Read more about the 2021/22 Income Tax rates here.

Side gig

A side gig is a job that you do alongside your normal employment. And they're becoming increasingly popular with workers in the UK.

UK income tax rates for tax year 2019/2020

For tax year 2019/2020 the UK basic income tax rate was 20%. This increases to 40% for your earnings above £50,000.

Up to 1 million freelancers will be overcharged tax in 2021 – could it be you?

You may have read our piece in the FT about the one million freelancers who could face being overcharged on their tax bills next year.

The tax guide to sell on Etsy

Here's everything you need to know about your Etsy shop and tax. Who has to pay tax, what you should pay, and how much you may owe.

What are the Making Tax Digital penalties?

Wondering what the making tax digital penalties are? If you’ve missed the deadline and want to know what fines you face, here’s a rundown.

CIS workers vs PAYE: which is best?

Learn the key differences between CIS workers and PAYE, and how each payment method affects your tax and income.

Can I expense my mortgage?

If you work from home, you won’t be able to expense your mortgage because you’re already entitled to the simplified allowance.

Venture Capital Trust (VCT) – TaxScouts Taxopedia

A Venture Capital Trust (VCT) is an investment fund that invests in small and early stage businesses. They get you 30% income tax relief.

What is CGT for businesses?

CGT for businesses is a tax on profits from selling assets. Companies pay via Corporation Tax; shareholders may owe CGT on personal gains.

Seed Enterprise Incentive Scheme (SEIS) – TaxScouts Taxopedia

The Seed Enterprise Incentive Scheme (SEIS) is a tax relief that returns 50% of your investment if you invest in eligible new businesses.

Workplace pension – TaxScouts Taxopedia

A workplace pension is a way of saving for your retirement that’s arranged by your employer. You usually get tax relief automatically from it.

Live-in landlord – TaxScouts Taxopedia

A live-in landlord is someone who rents out a part of their home to a “lodger”. You need to pay tax on this income – but the first £7,500 is tax-free.

Class 1 National Insurance – TaxScouts Taxopedia

Class 1 National Insurance is a tax that you pay when you’re employed. This is one of the four types of national insurance in the UK.

What is Tax-free income? – TaxScouts Taxopedia

Tax-free income is income that you earn on which you’re not liable to pay tax. There are lots of allowances that you can claim in the UK.

What is the SA370? – TaxScouts Taxopedia

The SA370 is a form that you can use if you filed your Self Assessment tax return late and want to appeal against the penalties.

How do I set up my HMRC Personal Tax Account? – Page 7 of 11 – TaxScouts

Create an HMRC Personal Tax Account to review your tax, file your tax returns, and to claim refunds. Here's how to do it quickly.

What are the tax implications of earning over £100K?

One of the major tax implications of earning over £100k is that you can get taxed 60%. Learn more about the implications to stay as tax-efficient as possible.

How to claim the home as office allowance

Working from home and self-employed? You may be able to claim the home as office allowance - a simple tax-free allowance. Find out more here.

How does the Marriage Allowance work?

Are you married or in a civil partnership? You may be entitled to a £900+ tax refund - yet 1.2 million couples are still missing out.

Seafarer’s Earnings Deduction – TaxScouts Taxopedia

Seafarer's Earnings Deduction is a tax relief that allows people who work at sea to claim a 100% tax exemption on their foreign income.

What are the CFD trading tax implications?

You can create a diverse investment portfolio with CFDs, but it’s important to consider their tax implications. Here’s an easy guide that explains it all.

Taxopedia

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