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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.

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.

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!

What can a painter claim on tax?

So, what can a painter claim on tax? Technically, you can claim anything that you spend on your painting business.

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.

Registering for VAT online for your limited company

Registering for VAT online may seem daunting. But it doesn't have to be! We've got all the details you'll need to make is easy as can be.

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.

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.

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?

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!

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.

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.

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.

Construction Industry Scheme (CIS) – Page 9 of 11 – TaxScouts Taxopedia

The Construction Industry Scheme (CIS) is used by HMRC to collect income tax from subcontractors in the construction industry.

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.

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.

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.

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.

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.

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!

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.

Personal tax return – Page 9 of 11 – TaxScouts Taxopedia

A personal tax return is a form that you as a taxpayer sometimes have to submit to HMRC in order to declare your income and how much tax you should pay.

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.

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.

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".

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.

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.

Entrepreneurs' Relief – TaxScouts Taxopedia

The Entrepreneurs’ Relief is a tax relief that you can claim if you're selling shares in, or giving your business to someone.

Taxopedia

Cut the jargon with our Taxopedia - understand those all-important tax terms in plain and simple language..

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.

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.

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 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 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.

Bitcoin – TaxScouts Taxopedia

Bitcoin is the most well-known digital currency. Depending on how you got them or how much profit you made on them, you might need to file a tax return.

How do I set up my HMRC Personal Tax Account? – Page 9 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.

How does the Entrepreneurs’ Relief work?

Entrepreneurs Relief (also known as the Business Asset Disposal Relief) is a type of tax relief in the UK. Find out how to claim it here.

HCPC – TaxScouts Taxopedia

The HCPC is the Health and Care Professions Council. It holds a register of all health care professionals in the UK

Accounting software – Page 9 of 11 – TaxScouts Taxopedia

If you're self-employed, accounting software is a programme that you can use to send invoices, keep track of your finances, and also submit tax returns.

Landlord

A landlord is a property owner who either rents or leases their property to another party in exchange for rent payments.

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.

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.

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 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.

What if my income is less than the personal allowance?

Was your income less than the Personal Allowance? In the pandemic, a lot of the self-employed found themselves earning less than expected.

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...

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.

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.

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Tax guides and articles

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