by | Feb 27, 2025 | Income Tax
The UK's shift to the Foreign Income and Gains (FIG) regime from April 2025 changes how foreign income is taxed. If you are a UK resident, get ready to possibly pay UK Income Tax on all foreign earnings—no more non-dom remittance basis. UK Income Tax is...
by | Feb 20, 2025 | Income Tax
HMRC has launched a new "Help for Hustlers" campaign to help people who are earning extra income, figure out if they need to pay tax on the additional earnings. The campaign runs until the end of March and focuses on five key areas where tax might apply:...
by | Feb 13, 2025 | Income Tax
Tax on rental income from jointly owned property depends on ownership shares, unless part of a partnership. Married couples default to a 50/50 split unless they notify HMRC of a different income allocation based on actual ownership proportions. When property is...
by | Feb 6, 2025 | Income Tax
Over 11.5 million people met the 31 January 2025 self-assessment deadline, but 1.1 million taxpayers missed it. If you're one of them, expect a £100 penalty. Learn about late fees and HMRC’s payment plan options to avoid further charges. There are an...
by | Jan 30, 2025 | Income Tax
Big changes are here for the self-employed! From 2024-25, profits must align with the tax year, replacing the old "current year basis." Overlap relief is ending, and transition profits will be spread over five years. Here’s how the new system affects...
by | Jan 30, 2025 | Income Tax
Your tax code determines how much tax is deducted from your pay. While 1257L is the most common, different letters and numbers can affect how much you owe. From marriage allowance to emergency codes, here’s how to decode what HMRC assigns you. Your tax code is...
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