Pension is a long-term investment, usually having the financial security during retirement phase. Individuals contribute to Pension fund throughout their working life using different means like personal contributions, employer contributions and government contributions. The various means to save money for the retirement are by contributing a portion of your salary in one or more of…
A Guide to Income Taxpayers Income tax is one of the most significant aspects of UK’s government, playing a crucial role in funding public services and infrastructure. It’s a tax levied on the income earned by individuals, businesses, and other entities, with rates varying based on income levels and tax bands. As a taxpayer, you…
Experiencing life and work abroad can be exciting and rewarding, offering you new opportunities to grow professionally and personally. However, you need to be aware of the tax consequences of living abroad and returning to the UK. This blog post will let you know what the big tax considerations are for people who live and…
Each tax year, HMRC issues a document to taxpayers in the UK called the Annual Tax Summary. As part of this document, the taxpayer’s income, tax deductions, allowances, and overall tax liability for the current tax year are summarized. By providing taxpayers with an overview of how taxes are calculated and how their income contributes…
Marriage Allowance: To qualify for Marriage Allowance, you must be married or in a civil partnership. Marriage Allowance allows married couples or civil partners to transfer a portion of their Personal Allowance (£12,570) between them, potentially reducing their tax bill. It is necessary for one partner to be a basic rate taxpayer, earning less than…
