UK Inheritance Tax: What You Need to Know

Inheritance Tax (IHT) is a tax on the estate (property, money, and possessions) of a person who has died. The tax is paid on the value of the estate above a certain threshold, which is currently £325,000. For married couples and civil partners, the threshold is doubled to £650,000. Inheritance tax is an important consideration […]

Empower Your Business: Top Tax Planning Tips for Small Business Owners in the UK

As a small business owner in the UK, it’s important to have a solid tax planning strategy in place to ensure that you are making the most of available tax relief options and minimizing your tax liability. In this blog post, we will outline some tax planning tips for small business owners in the UK. […]

Common Tax Mistakes to Avoid – UK Tax System

As a UK taxpayer, it’s important to be aware of the common tax mistakes that can lead to costly penalties and fines. In this blog post, we will outline some of the most common UK tax mistakes to avoid. Failing to Register for Self-Assessment If you are self-employed or have additional income outside of your […]

Making Tax Digital for Income Tax (MTD for ITSA)

What is MTD for ITSA? MTD for ITSA (Making Tax Digital for Income Tax Self Assessment) is a UK government initiative that requires self-employed individuals and landlords to use digital record-keeping software and submit their tax returns electronically to HMRC. MTD for ITSA aims to make the tax system more efficient and effective by streamlining […]

How to prepare self-assessment tax return?

Preparing a self-assessment tax return for HMRC (Her Majesty’s Revenue and Customs) can seem daunting, but it is a necessary process for individuals who are self-employed or have income from other sources that require tax payments. Here are some steps to prepare for self-assessment: Gather all the necessary documents: Before starting the self-assessment tax return […]