Find out more about cashed pensions Now that you’re allowed to take cash from your pension, it can be an ideal source of funds, especially if you really need cash, and you have no other sources available. But due to penalties and tax fees, you might want to do this the smart way. Take only […]
If you’re nearly ready to submit your self-assessment tax return for the 2015/16 tax year or perhaps you already have, then you may want to start thinking about the forthcoming tax year! With the 2016/17 tax year in mind, we thought we’d refresh you on your personal allowance so you know where you’re at when […]
In the UK, tips are discretionary rather than compulsory. But they could be taxed when they are given to bar staff, waiters and other hospitality workers. Are tips taxable? Yes. Tips are subject to tax and, in some cases, National Insurance (NI), depending on who received the tips and how they are shared out. Tips […]
Filing your self-assessment paper return and wondering how much you’ll be taxed? We break down the current income tax rates to keep you in the know! Wondering how much income taxyou need to pay for the tax year 2016/17? The answer would depend on the personal allowance and the tax rate applicable to you. […]
Can You Really Cash Out your Pension Before Age 55? Who doesn’t want to take advantage of the money you’ve been saving up almost all your life? It is your pension, after all, so you should be able to do with it as you wish. But it is this kind of thinking that could land […]
Tax Advice For Offshore Workers If you are an offshore worker, you may be eligible for a tax refund. You just need to know how and where a refund is applicable. As an employee working offshore, you can claim back tax on the following: Travel expenses that HMRC designates as ‘temporary workplaces’. This must be […]
Owning a small business, or working from home, has become everyone’s dream, not only for the prospect of earning more than what a regular income provides, but also for the possibility of having more control over your time and effort. The only downside is that working from home makes tax quite complicated. But there are […]
Filing a tax return can be time-consuming, which is why a lot of people put it off until the last minute, when things aren’t always looking up. But there are ways to save time and money when dealing with tax. Keep a record of everything and anything that is taxable, so your tax return will […]
Apply For A UK Tax Refund Think you overpaid tax? If you were in the wrong tax code for a long time, then it is highly likely that you paid too much tax. If you are unsure, ask. Don’t be one of those people who doesn’t claim a tax refund because of misconceptions. Some people […]
How do cashed out pensions work? In the pension freedom reforms, you are allowed to make as many withdrawals as you want from your pension pot. For each withdrawal, 25% of the amount will be tax-free and 75% will be taxed like your income. This spares you from paying a huge amount of tax, because […]