Income Tax
Browse all articles in the Income Tax category
Income Tax
What Does Your Tax Code Mean? The Complete Breakdown
January 19, 2026
Your tax code may look like a random mix of letters and numbers on your pay stub, but it’s really a clear message to your employer about how much tax to take out of your pay. Knowing what those symbols mean can help you find mistakes, make sure you’re paying the right amount of tax,… View Article
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Crypto Currency Tax Reporting Revolution – OECD CARF 2026
November 28, 2025
The days of crypto currency living in a regulatory grey area are numbered. From 2026, there will be a game-changing global system to trace, report and tax crypto transactions the world over. The Crypto-Asset Reporting Framework, otherwise known as CARF and proposed by the Organisation for Economic Co-operation and Development, is the most ambitious attempt… View Article
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Landlord Tax Guide: Avoid Penalties & Reduce Liability
November 10, 2025
Being a landlord you have numerous responsibilities and managing your tax obligations is one of the most important things. Whether it is letting a single property or managing a portfolio, you have to file your tax return on time. That’s why we’ve put together a step-by-step guide on what you need to know to stay… View Article
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Side Hustle Finances – How to Handle Taxes on Extra Income in the UK
July 03, 2025
In today’s gig economy, many people are turning their passions into profit. Whether you’re selling handmade crafts on Etsy, freelancing online, driving for Uber, or renting out a spare room through Airbnb — side hustles can be a great way to boost your income. But this extra income brings extra responsibility. It brings extra tax… View Article
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How to Avoid HMRC Penalties – A Checklist for UK Taxpayers
July 02, 2025
If you miss a tax deadline or make a mistake with your numbers, you could face fines, extra charges, and a lot of stress. This blog gives you a simple checklist to help you avoid HMRC penalties — whether you’re self-employed, run a limited company, or just need to file a personal tax return. Know… View Article
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How an Accountant Can Help Uber Drivers to Save Taxes
February 22, 2025
While being an Uber driver means flexibility, it also has its fair share of financial responsibilities. Unlike traditional employees, Uber drivers are self-employed, which means they are responsible for reporting their income, filing a tax return, and claiming the deductions for which they are eligible. Now, they don’t have a clear understanding of tax rules. So,… View Article
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Tax Implications for E-Commerce Businesses in the UK
January 29, 2025
Over the years, there has been a dramatic shift in the way people do their shopping and the COVID outbreak simply accelerated this trend, the trend of online shopping. As a result, more and more people are now coming up with ideas of starting an e-commerce business across the world and the United Kingdom is… View Article
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UK Taxation of Indian Mutual Fund: Income vs Capital Gain | Exception Explored
January 26, 2025
The taxation of mutual fund proceeds received by UK residents from India has a significant impact on financial planning. The key question often revolves around whether to treat these proceeds as income or capital gains under UK tax laws.This determination depends on the nature of the fund, its classification under UK tax regulations, and whether… View Article
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The Future of Taxation in the UK- Trends and Predictions
January 15, 2025
Driven by technological advancements, the tax landscape of the United Kingdom is undergoing a sea change. However, there are economic pressures that are tough to ignore. Amidst all these, it makes sense to have a clear idea of the future of UK taxation along with its present trends and possible future trends. If you are… View Article
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Taxation on Dividends Income – Everything You Need to Know
October 03, 2024
Do you invest actively in shares or stocks? If yes, you may receive dividend payments quarterly, bi-annually or annually. This is quite awesome as a passive income source! Unfortunately, these are also taxable, but by understanding how taxation on dividends works, you can manage your investments and save some money. So, read the blog and… View Article
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Advantages & Disadvantages of Pay As You Earn (PAYE) System
September 27, 2024
Under Pay As You Earn (PAYE) System employers are responsible to deduct both income tax & NIC from employees’ wages before they receive their pay based on the PAYE tax tables issued by HMRC. This system was first introduced in 1944. HMRC provides an unique tax code to every employee depending upon the earning of… View Article
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Simple Assessment Tax Scheme – An Insight
September 23, 2024
Are you a self-employed professional or someone with a straightforward tax situation? If yes, you probably understand how daunting it can be to comply with your tax obligations. The constant need to file self-assessment tax returns, accurately report your income, and ensure timely payments can feel extremely challenging. However, here’s some good news! HMRC has… View Article
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