The purpose of trust is to manage assets such as money, investments, land, and buildings; some common reasons for trusts being set up include controlling family assets, passing on assets to a beneficiary while you are alive or deceased, and having control over family assets. Trusts are characterized by the settlor (the individual who places…
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…
