Everyone will have a tax code but not many people will understand what it means or what it is used for. I will attempt to give a short explanation of how tax codes work. Generally, most individuals in employment will receive a personal allowance. This is the amount of income they can make before they have to start paying tax … Read More
What is Making Tax Digital for Income Tax and will it affect me?
Note: this post was last updated on 7th March 2025HMRC have been working on their Making Tax Digital (MTD) program for several years. It has been implemented for VAT returns and they are looking to implement it for Income Tax Self Assessment (IT) next, with partnerships and Corporation Tax being further down the road. The current implementation date for the … Read More
Property rental basics
If you’re renting out a property, then this is a taxable activity, and you need to complete an annual self-assessment tax return. There are different requirements if you are renting out property through a company, we will just deal with individual landlords in this blog post. Property rental will be subject to income tax. The rate at which you are … Read More
When is my tax bill due?
If you are required to submit a self-assessment tax return, your bill for the year you are submitting becomes due on 31 January in the year following the end of the tax year. Tax years run from 6 April one year to 5 April the following year. For the tax year ended 5 April 2019, the bill (as well as … Read More
Tax Returns for English as Second Language Teachers
One of my oldest friends, Emma, has started teaching English as a second language to online students. She has a Facebook page that you can check out if you or anyone you know might be interested in her service. She mentioned to me that questions around tax and accounting come up occasionally on her teaching groups and so I’ve … Read More