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What is Form CWF1 and why do you need to fill it

What is Form CWF1? Are you planning to become self employed? Or are you starting your own business? You need to inform HM Revenue &Customs of your intention to do so. You will have to fill in a form CWF1…

A Brief Guide On How To Complete Your Self Assessment With HMRC

Are you self employed? Or are you a director of a company and do you receive income greater than £100,000. You need to register yourself for self assessment with HM Revenue & Customs. You will be allotted your Unique Taxpayer…

Understanding How To Calculate Capital Gains Tax

Question: I purchased a home property in 2010 for £480,000. I lived in the property for 1 year before renting it out. In 2017, I sold this property for £610,000. How do I calculate my Capital Gains Tax? Answer: The…

What is a Tax Reference Number and where can I find it?

Have you ever noticed a recurrent number on your payslips with one employer? This is your tax reference number. The first three digits of the number will identify the tax office where your employer’s tax is registered. The rest of…

What is an SA401 form? | SA401 Online Form

SA401 Form is a mandatory submission for an individual intending to become a partner in a partnership. It is used to register the individual’s Self Assessment and class 2 NICs. It is noteworthy to mention that the partnership will register…

Why do you need to fill a form R85 and what to do in case of tax over payments?

If your income for the year is below your personal tax allowance for savings, you need to fill Form R85. This form is legal declaration. It informs building societies and banks that they should not tax interest on your accounts…

WHAT IS A P60 FORM? WHAT DETAILS IT CONTAINS AND WHY SHOULD YOU SAVE IT

Many people often ask, “What is a P60 form?” As for HMRC is concerned, Form P60 is the documented proof of what you earned and how much tax you have paid. P60- alternatively called the End of Year Certificate is…

The difference between private and public businesses

A private company their shared are privately held and they do not trade them to any over business. The private business can be anything from being a partnership, a corporation, a sole proprietorship or a limited liability company. The difference…

What is a sole trader?

A sole trader is known as a person who is the main owner of the business. They an entitled to keep all of the profits because it is their business after all of the tax has been paid. But with…

Additional Medicare Tax 2017

If you didn’t know already, that you may be eligible for an Additional Medicare Tax if your income exceeds the limits that are in place. Any income that you get, this includes self-employment income, railroad retirements (RRTA) Compensation and your…

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