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BACs payment – Page 6 of 10 – Taxfix Taxopedia

BACs is an electronic system that is used to make payments. There are two main types of BACS payment: Direct Debit and Direct Credit.

Real Time Capital Gains Tax Service – Taxfix Taxopedia

The Real Time Capital Gains Tax Service is one of the two ways which you can pay your CGT bill. Starting in April 2020, it's mandatory for property sales.

What is a sole trader?

If you’re self-employed, you’re known as a sole trader. But, what does being a sole trader mean for you? And, how can you manage your taxes?

Balancing Payment – Taxfix Taxopedia

The Balancing Payment is part of the Payment on Account process, this is due by 31st January. Find out more about Balancing Payment here.

What were the Capital Gains Tax changes in 2020?

If you sold a residential house or flat in the UK after April 2020, you might not know recent Capital Gains Tax (CGT) changes made by HMRC.

SA102 – Page 6 of 10 – Taxfix Taxopedia

The SA102 is a form that you can attach to your main SA100 Self Assessment tax return form, if you need to tell HMRC more about your employment income.

SA105 – Page 6 of 10 – Taxfix Taxopedia

The SA105 is a form that you need to attach to your SA100 Self Assessment document if you want to declare rental income from UK properties.

SA106 – Page 6 of 10 – Taxfix Taxopedia

The SA106 is a form that you attach to your main SA100 Self Assessment tax return form if you need to declare foreign income or gains.

The SA108 form: how to use it to file your Capital Gains Tax

You must submit the SA108 to HMRC in order to pay capital gains tax. If you've sold any assets, securities, or crypto, you must use it.

SA108 – Page 6 of 10 – Taxfix Taxopedia

The SA108 is a form that you have to fill in and attach to your main SA100 Self Assessment tax return if you need to pay Capital Gains Tax.

Do forex traders pay tax?

As a forex trader, there are a few things to consider, like how you trade and how much profit you make, when figuring out how much tax you’ll owe, if any.

High Income Child Benefit Charge – Page 6 of 10 – Taxfix Taxopedia (Formerly TaxScouts)

The High Income Child Benefit Charge is a tax charge that you have to pay if you or your partner earn over £50,000 and you also claim Child Benefit.

Are content creators evading taxes? – Page 6 of 10 – Taxfix (formerly Taxscouts)

At the moment, there’s no such thing as Influencer Tax. There are, however, tax responsibilities attached to being an online influencer.

What are Dividend – Page 6 of 10? – Taxfix Personal Tax Glossary

A dividend is a sum of money that you might receive if you own shares in a profitable limited company. Only limited companies can pay them.

Tax Advice from an accredited accountant - Taxfix

Got a tax-based problem? We can help. Get professional support & advice with any tax situation you're struggling with.

Declaration of Trust – Taxfix Taxopedia

A Declaration of Trust is a document that shows how much each of the joint owners of a property own. It helps you, as a couple, pay less tax.

How to register for CIS

If you are a self-employed construction worker, you must register for the Construction Industry Scheme (CIS). Find out how to do this here.

2 landlords, 1 property: how it works – Page 6 of 10 – Taxfix (formerly TaxScouts)

Want to buy a buy-to-let property? In most cases, this means that you’ll have to file a tax return on the income that you get from renting.

Do I need to pay Capital Gains Tax on gifted property?

Capital gains tax on gifted property usually applies if the property has increased in value since you bought it. There are a few exceptions.

File your Tax Returns Online - Easy to use Platform - Taxfix

Get matched with an accredited accountant to sort your UK tax returns. Simple, fast, all online. File your self assessment today.

Capital Gains Tax (CGT) – Taxfix Taxopedia

Capital Gains Tax (CGT) is the tax you pay when you sell an asset (a property, shares, cryptocurrencies, etc.) for a profit.

What’s the hold-over relief on gifts?

If your business holds something of value such as cash or raw materials, you may be able to claim the hold-over relief if you gift it.

How to claim tax back on your van

In the trades services industry, a lot of people ask, ‘Can I claim a van on my tax return?” This is really a question about expenses.

3 ways the mortgage tax relief changes impact you

The 2020 mortgage interest tax relief rules meant landlords had to pay more tax on buy-to-let income. Here are 3 calculation examples.

What is CSP tax?

CSP tax refers to how tax works as a member of the Chartered Society of Physiotherapy, depending on whether you're self-employed or employed.

Accountant – Page 6 of 10 – Taxfix Taxopedia

An accountant is someone who helps businesses and individuals to stay on top of their financial affairs. There’s a wide range of practices.

Ethereum – Taxfix Taxopedia

Ethereum is one of the most popular types of blockchain software, powered by a crypto called ether. If you earned ethers, you might owe tax.

UK income tax rates for tax year 2022/2023

Your earnings below £12,570 were tax free. This is called the Personal Allowance. Read more about the 2022/23 Income Tax rates here.

Pay wars - magic circle salaries and what it means for tax – Page 6 of 10 – Taxfix (Formerly Taxscouts)

If someone told you that you could get a job post-graduation that’d give you a £100k+ a year salary, would you know the tax implications?

SA100 HMRC form – Page 6 of 10 – Taxfix Taxopedia

The SA100 HMRC form is the main way to file your tax return. Depending on why you need to file, you may need to add another form to it.

Learn more about Taxfix – stress-free personal tax returns (formerly TaxScouts)

No one wants to do a tax return. That's why Taxfix just does it for you. Learn more about the company and what drives us.

The Property Income Allowance: worth claiming?

As a landlord, you can get up to £1,000 rental income tax-free every year. Check if you could be claiming more.

UK income tax rates for tax year 2020/2021

The basic income tax rate in the UK was 20% during the 2020–21 tax year. When you make more than £50,000, this percentage rises to 40%.

When is corporation tax due?

Understanding when corporation tax is due is important if you want to stay compliant and avoid any HMRC penalties.

UK income tax rates for tax year 2023/2024

Your earnings below £12,570 were tax free. This is called the Personal Allowance. Read more about the 2023/24 Income Tax rates here.

Pension

A pension is a tax-efficient way of saving for when you retire from work. There are different types available, dependent on circumstances.

Bye-bye High Income Child Benefit tax charge – Page 6 of 10 – Taxfix (Formerly TaxScouts)

Have you been caught out before by the High Income Child Benefit tax charge? Well, we've got good news! Things are about to change!

Student loan deductions – Taxfix Taxopedia

Student loan deductions are repayments of your student loan that your employer collects automatically from your salary and sends to HMRC.

Limited company pension contributions explained

Limited company pension contributions are payments your business makes into your pension as an allowable expense.

Is Taxfix legit?

There are so many online scams that our well-priced tax return service might seem too good to be true. But it’s not. But it's not...

Welsh rates of Income Tax – Taxfix Taxopedia

Since 6th April 2019, Welsh rates of Income Tax have been determined by the Welsh government instead of England’s. Here are the details.

UK income tax rates for tax year 2018/2019

The UK income tax rates are revised each year as part of the UK budget. Find out what the income tax rates were for the tax year 2018/2019.

Credit record – Page 6 of 10 – Taxfix Taxopedia

Your credit record, also known as your credit score or rating, is a number that banks use to figure out if a potential borrower is reliable.

Exotic dancer tax deductions

As a self-employed exotic dancer, the tax deductions that you can claim may vary. You are in charge of declaring your income to HMRC.

Income Tax rates in the UK – Page 6 of 10 – Taxfix (formerly TaxScouts)

The income tax rates in the UK depend on how much you earn per year. The basic rate is 20%, and increases to 40% and then to 45%.

Self-employed and need an invoice generator? – Page 6 of 10 – Taxfix (formerly TaxScouts)

An invoice generator is a program or software that can create an invoice for you. Now, you barely have to lift a finger!

Do you need to keep receipts for tax purposes? – Page 6 of 10 – Taxfix (formerly Taxscouts)

If you're self-employed, you know its important to keep track of invoices for tax purposes, but do you also need to retain receipts?

I've not done a tax return for 20 years – Page 6 of 10 – Taxfix (formerly TaxScouts)

First and foremost, don’t panic. If you’ve not done a tax return for a long time, whether that’s three years, five years or more, all is not lost.

Free accounting software to automate your finances - Taxfix (formerly TaxScouts)

Get a full 360° accounting overview of your money so you can be more efficient and ready for tax season.

MTD Chaos Looms - Press Release

With less than a week to go until MTD comes into force, new research from Taxfix reveals widespread confusion among the UK’s self-employed.

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