Taxes and Benefits News

Content in this article What Are National Insurance Contributions? How Do National Insurance Contributions Affect Your State Pension? What Is the New State Pension? The Different Classes of National Insurance 1. Class 1 National Insurance Contributions 2. Class 2 and Class 4 NICs (for the Self-Employed) 3. Class 3 Voluntary Contributions National Insurance Credits How […]

Content in this article What Is a Self-Assessment Tax Return? Who Needs to File a Self-Assessment Tax Return? Key Self-Assessment Deadlines How to File Your Self-Assessment Tax Return 1. Register with HMRC 2. Gather Your Information 3. Filing Your Tax Return 4. Submit and Pay Common Self-Assessment Deductions and Allowances Penalties for Late Filing How […]

For Example, Amount £1000 VAT 20% Adding VAT, Removing VAT, Net Amount (excluding VAT): £1000 Net Amount (excluding VAT): £833.33 VAT: £200 VAT: £166.67 Gross Amount (including VAT): £1200 Gross Amount (including VAT): £1000 Value Added Tax (VAT) is levied on almost all business transactions in the UK – whether for goods or services – and must […]

Everything You Need To Know About Using An Income Tax Calculator In The UK When it comes to knowing how much tax you need to pay in a given year, the process can get complicated, fast. First of all, you will need to have a clear idea as to how much your annual income adds […]