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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.

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.

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.

Bereavement Allowance? – TaxScouts Taxopedia

Bereavement allowance is a benefit for people whose husband, wife, or civil partner has passed away. It replaced Widow's Pension.

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.

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.

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.

What are the taxes on cryptocurrency (UK)?

If you're getting into trading and wondering what the taxes on cryptocurrency in the UK are, we've got you covered with this guide!

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...

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.

How do I set up my HMRC Personal Tax Account? – Page 9 of 10 – 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.

Direct Debit payment – Page 9 of 10 – 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.

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.

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?

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.

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.

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.

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.

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.

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.

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.

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.

Property Investor Show – Page 9 of 10 – 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...

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.

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.

Want to own a share of TaxScouts? – Page 9 of 10 – TaxScouts

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

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.

What are the dividend tax rates in the UK?

If you receive dividends from an investment or you're a company director and you pay them to yourself, you pay tax separately on this income.

IR35 – Page 9 of 10 – 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".

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.

Construction Industry Scheme (CIS) – Page 9 of 10 – TaxScouts Taxopedia

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

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 10 – 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.

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 10 – 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.

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.

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.

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.

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!

Net income – Page 9 of 10 – 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.

Home Office Allowance – Page 9 of 10 – 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.

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.

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.

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?

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.

Spring Statement 2023

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

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.

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Tax guides and articles

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