Welcome to our Blog, covering all aspects of accounting and finance, with the aim of informing and educating our readers. We aim to shed some light on the sometimes complex workings of accountants, and hope that are accountancy articles are both informative and engaging.
UK Property Income Property Income is taxed as Non Savings Income Sources of income are 1 Rents from Properties and 2 Premiums received on Leases Tax Year is from 6th April to 5th April If the Gross Property Income does not exceed £150,000 for the Tax Year then the cash basis is used for taxing…Read More
The Taxation of Interest Income MARCH 19, 2020 Tax Interest from Banks and Building Society for the tax year (6th April 2019 to 5 th April 2020 for the Tax Return 2019/20 ) Records required are the Statements of Account. If it is a joint account, please divide the account between the account holders as…Read More
Calculating the Income Tax Liability MARCH 18, 2020 Tax There are 2 steps we use to calculate your tax liability for the tax year (6 April 2019 to 5 April 2020 is the current Tax Year known as 2019/20 ) Step 1 We accumulate the taxable income for the tax period. The taxable income will…Read More
Taxation of Dividend Income Taxation of Dividend Income MARCH 20, 2020 Wealth Dividends are taxed as the top slice of your income, after Non savings income and Interest Income Dividend Allowance For the first £2,000 of Dividend income the tax is at 0% Tax rates on Dividend Income Dividends in excess of the Dividend allowance.…Read More
Introduction to the UK Tax System Income Tax is the largest source of taxes in the UK (£594 Billion 31% for 2017/18) This tax is collected from 1 Salaries from Employment 2 Rental Income from Properties let out. 3 Interest and Dividends received. 4 Profits from the self employed National Insurance Contributions (NIC )are the second largest earner…Read More
TWELVE Reasons Why Businesses Fail 1 Solving a problem that most users are not willing to pay to solve your way 2 Thinking that you can do it all by yourself (without a founding team) 3 Lacking trust among team members—and not addressing the issue. 4 Being overconfident or dogmatic and not questioning yourself. 5…Read More