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Guides and useful information for doing your taxes – TaxScouts

If you're looking for help or more information on doing and understanding your personal taxes, check out our helpful guides, FAQs and calculators.

Savings interest – Page 9 of 11 – TaxScouts Taxopedia

To understand savings interest, you should first understand how a savings account works with interest rates. Click here to read more.

Securities – Page 9 of 11 – TaxScouts Taxopedia

To understand securities if you’re not familiar with investing, it’s best to look back on how they began, when investments were paper-based.

Employee – Page 9 of 11 – TaxScouts Taxopedia

An employee is someone who works under an employment contract. Usually your employer pays your taxes, but you may need to file a tax return.

How to make an invoice template

In this guide, we’ll help you navigate the world of invoicing. That includes how to create the perfect invoice template and more!

Tax allowance – Page 9 of 11 – TaxScouts Taxopedia

A tax allowance is something that allows you to earn a certain amount of money tax-free. In the UK, there are a many available to claim.

Free Bookkeeping tools - TaxScouts

Try TaxScouts new bookkeeping tools today. Invoicing, expenses, business finances tracking and AI-based receipt uploads. All for free.

Tax deductions for carpenters

Expenses can be confusing, so the available tax deductions for carpenters may not be obvious. But it’s not actually too complicated.

Why become a freelance translator?

Deciding whether to be a freelance translator is a big consideration. Whilst the freedom may be tempting,you should know what you’re getting yourself into.

Class 3 National Insurance – TaxScouts Taxopedia

Class 3 National Insurance is a voluntary payment that you can make if you have gaps in your NI record and you want to qualify for state pension.

Profit – Page 9 of 11 – TaxScouts Taxopedia

Profit is how much money you're left with after you subtract costs from earnings. Knowing it is important because that is what HMRC will tax you on.

CIS scheme – Page 9 of 11 – TaxScouts Taxopedia

The CIS scheme is used by HMRC to ensure income tax is collected from subcontractors in the UK construction industry.

TaxScouts launches in Spain 🇪🇸

It’s official. TaxScouts is making moves in Europe! We launched in Spain after four years of simplifying tax returns for the UK market.

Uber Tax Calculator – Page 9 of 11 – TaxScouts

Use our Uber tax calculator to quickly work out how much Income Tax you’ll need to pay HMRC as an Uber driver or another ride-share driver.

How to claim your VCT tax relief

When you invest in a VCT fund, you can receive 30% income tax relief plus tax-free dividends. Here is how you actually claim your VCT tax relief.

Personal tax return – Page 9 of 11 – TaxScouts Taxopedia

A personal tax return is a form submitted to HMRC to report your income, calculate tax owed, and determine if you're due a refund.

eBay tax calculator

Use our eBay tax calculator to work out how much you owe HMRC and whether you need to file a tax return if you buy and sell used goods!

Home Office Allowance – Page 9 of 11 – TaxScouts Taxopedia

The Home Office Allowance is a flat rate that you can claim if you use your home for work. This flat rate based on the hours you work from home each month.

Net income – Page 9 of 11 – TaxScouts Taxopedia

Net income is the income you receive after you've paid Income Tax and National Insurance. Here's how to calculate it for your income type.

What is the tax year?

What is the tax year and why on earth does it start in early spring? This article goes through the history and the dates to work from.

Salary after tax calculator – TaxScouts

Ever wondered how much you really earn after taxes? Use our calculator to work out your personal net income after tax deductions!

The benefits of a limited company

There are plenty of benefits of a limited company. Let's decide if setting one up is the right move for your and your business.

VAT – TaxScouts Taxopedia

VAT ("Value Added Tax") is a tax added on most goods and services in the UK. If you are self-employed, you can register for VAT and claim it back.

What is Traditional accounting? – TaxScouts Taxopedia

Traditional accounting is a kind of accounting that looks at when you send or receive invoices – regardless of when you actually received or spent money.

What is Taxable income? – TaxScouts Taxopedia

What is taxable income? It’s the part of your income taxed after allowances, including income from jobs, self-employment, property, and more.

What tax do I pay as a freelance writer in the UK?

Freelance tax in the UK depends largely on your employment status, with different rates for self-employed individuals and side income.

Did the tax return threshold change for high-earners?

In May 2023, HMRC announced that from 2023/24, the threshold to file a tax return was changing from £100k to £150k. Read more here.

Balancing Charge – Page 9 of 11 – TaxScouts Taxopedia

How does HMRC make sure that you don't claim too much tax relief for a piece of equipment? They use what is known as a balancing charge.

Tax deductions for a personal trainer

As a self-employed personal trainer, HMRC lets you deduct your business expenses from your overall income when you do your tax return.

Make company taxes work for you - TaxScouts

Get expert tax advice and support sorting your company accounts and tax return with our one-off tax return and subscription services.

Carer's Allowance – TaxScouts Taxopedia

The Carer’s Allowance is an allowance that you can claim if you care for someone for at least 35 hours each week.

A company accountant in your corner - TaxScouts

Get expert tax advice and support sorting your company accounts and tax return with our subscription service.

Trading Allowance – TaxScouts Taxopedia

The Trading Allowance is a tax-free £1,000 that most self-employed people can claim. If you earned under £1,000 from self-employment, it's tax-free.

Simplified expenses – TaxScouts Taxopedia

Simplified expenses are flat rates that you can use to reduce your self-employment tax bill. They’re great if you drive a lot or can’t find your receipts.

Dividend allowance – TaxScouts Taxopedia

The dividend allowance is the amount of tax-free dividends that you can earn in a tax year. In the 2020/2021 tax year, it is £2,000.

How do I get a VAT Certificate?

To get your VAT certificate, register for VAT online by calculating your taxable turnover and gathering the necessary documents.

What are Expenses? – TaxScouts Taxopedia

Expenses are costs that you might be able to claim against your earnings so you pay less tax. What and how much you can claim depends on your situation.

IR35 – Page 9 of 11 – TaxScouts Taxopedia

IR35 is a new law that allows HMRC to collect additional taxes if they consider that a contractor is actually a "disguised employee".

How to upload your Uber income to TaxScouts

Want to file your tax return with TaxScouts but not sure how to upload your Uber income to your TaxScouts account? Look no further.

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.

Do foreign entertainers and athletes pay withholding tax?

Whether you’re Lady Gaga, the next Rafael Nadal, or the person that hires them, it’s important you know all about withholding tax.

Direct Debit payment – Page 9 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.

Tax deductions for crypto traders

As a crypto trader, HMRC allows you tax deductions for your crypto expenses from your total earned income. What can you expense?

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.

Bereavement Allowance? – TaxScouts Taxopedia

What is the bereavement allowance? It’s a benefit for people whose spouse has passed away, replacing the Widow’s Pension.

How does salary sacrifice work?

Wondering how does salary sacrifice work? Well, it lets you exchange part of your salary for benefits that reduce your taxable income.

Company Share Option Plans (CSOPs) – TaxScouts Taxopedia

Company Share Option Plans (CSOPs) are a share option where a company can grant tax-free shares to an employee or a company 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...

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.

Carry forward – TaxScouts Taxopedia

Carry forward means taking a loss from the current year to the next year – and claiming it next year just like you would claim an expense.

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Tax guides and articles

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