The Accountsmith’s Post

If you are self-employed it is important to know if an expense is tax allowable. Any allowable costs can be used to reduce your taxable profit. #Tax #TaxTrainingCosts #TaxAllowable

The Annual Tax Summary is a document provided by HMRC that shows details of the tax you pay and how this is used by government. #TaxSummary #ViewTaxSummary

The letters in your tax code signify your entitlement (or not) to the annual tax free personal allowance. The tax codes are updated annually and help employers work out how much tax to deduct from an employee’s pay packet. #TaxCode #IncomeTax

The letters in your tax code signify your entitlement (or not) to the annual tax free personal allowance. The tax codes are updated annually and help employers work out how much tax to deduct from an employee’s pay packet. #TaxCode #IncomeTax

The Annual Tax Summary is a document provided by HMRC that shows details of the tax you pay and how this is used by government. #TaxSummary #ViewTaxSummary

The 2023-24 tax year ended on 5 April 2024 and the new 2024-25 tax year started on 6 April 2024. Most taxpayers will be happy to leave dealing with their 2023-24 tax returns until later this year or even until January 2025. #TaxReturns #HMRC #FilingTaxReturns

Self-assessment taxpayers are usually required to pay their income tax liabilities in three instalments each year. The first two payments on account are due on 31 January during the tax year and 31 July following the tax year end date. #IncomeTax #SelfAssessment

The 2023-24 tax year ended on 5 April 2024 and the new 2024-25 tax year started on 6 April 2024. Most taxpayers will be happy to leave dealing with their 2023-24 tax returns until later this year or even until January 2025. #TaxReturns #HMRC #FilingTaxReturns

Self-assessment taxpayers are usually required to pay their income tax liabilities in three instalments each year. The first two payments on account are due on 31 January during the tax year and 31 July following the tax year end date. #IncomeTax #SelfAssessment

The Corporation Tax Main Rate applies to companies with profits in excess of £250,000. The applicable rate is currently 25%. A Small Profit Rate (SPR) of 19% applies to companies with profits of up to £50,000. #CorporationTax #MarginalRate