You searched for self assessment – Page 7 of 10

UK income tax rates for tax year 2021/2022

Your earnings below £12,570 were tax free. This is called the Personal Allowance. Read more about the 2021/22 Income Tax rates here.

Link your bank account with free bookkeeping software - Taxfix (formerly TaxScouts)

Connect your bank account and pull your business spending directly. Spend less time on admin and more time making your money sparkle.

What are the different VAT schemes?

There are different VAT schemes available: flat rate, cash accounting, margin, and retail schemes, each designed to simplify VAT management!

Side gig

A side gig is a job that you do alongside your normal employment. And they're becoming increasingly popular with workers in the UK.

Capital Allowances – Taxfix Taxopedia

Capital allowances can be used to claim tax relief on things that have been bought for business use e.g. equipment, vehicles, and R&D costs.

Crypto tax calculator

Interested in cryptocurrency? Want to know how much crypto tax you may have to pay? Well have a quick try of our crypto tax calculator here!

How common is celebrity tax evasion? – Page 7 of 10 – Taxfix (formerly TaxScouts)

Celebrity tax evasion is a phrase that's pretty common. But you’d think that they would be able to pay their taxes without any issues, right?

P45 – Page 7 of 10 – Taxfix Taxopedia

A P45 is a form that your employer has to give you when you're leaving your job. You'll need one if you're starting a new job or filing a Self Assessment.

Pro rata – Page 7 of 10 – Taxfix Taxopedia

Simply put, pro-rata is a Latin term which means proportional. Think pie charts. It’s commonly used when talking about part-time work.

UK income tax rates for tax year 2019/2020

For tax year 2019/2020 the UK basic income tax rate was 20%. This increases to 40% for your earnings above £50,000.

What is £150,000 after tax?

You might be shocked at how much money is left over after taxes when you make more than £100,000, you enter a 60% tax trap.

Gift Aid – Taxfix Taxopedia (formerly TaxScouts)

Gift Aid is a tax incentive that allows charities to claim back Income Tax (at the basic rate) on donations made through the scheme.

What can I expense as a freelance graphic designer?

As a freelance graphic designer, and a sole trader in general, you’re can reduce your overall tax bill by deducting your business expenses.

Company director – Taxfix Taxopedia

A company director is a registered director of a limited company. As director, you have to register with Companies House to occupy the role.

Subcontractor – Taxfix Taxopedia

A subcontractor is a person or a business who is hired by a contractor to work on individual jobs that form a larger project.

Umbrella company – Taxfix Taxopedia

An umbrella company is a business that can act as an employer to contractors, freelancers, and self-employed workers.

UK payslip – Page 7 of 10 – Taxfix Taxopedia

A payslip is a note that your employer gives you when you've been paid. Here's what you can find on them and why they're important.

Free online invoicing made easy with Taxfix (formerly TaxScouts)

Create, personalise and send invoices. With our invoice software, track your payments, get paid faster and never lose an invoice.

UK income tax rates for tax year 2016/2017

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 2016/2017.

UK income tax rates for tax year 2017/2018

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.

The low-down on Income Tax in the UK for foreigners – Page 7 of 10 – Taxfix (formerly TaxScouts)

If you’re planning on moving to the UK, listen up because we’re giving you the low-down on Income Tax in the UK for foreigners.

CIS workers vs PAYE: which is best?

Learn the key differences between CIS workers and PAYE, and how each payment method affects your tax and income.

The tax guide to sell on Etsy

Here's everything you need to know about your Etsy shop and tax. Who has to pay tax, what you should pay, and how much you may owe.

Can I expense my mortgage?

If you work from home, you won’t be able to expense your mortgage because you’re already entitled to the simplified allowance.

What are the Making Tax Digital penalties?

Wondering what the making tax digital penalties are? If you’ve missed the deadline and want to know what fines you face, here’s a rundown.

What are the tax implications of earning over £100K? – Page 7 of 10 – Taxfix (formerly TaxScouts)

One of the major tax implications of earning over £100k is that you can get taxed 60%. Learn more about the implications to stay as tax-efficient as possible.

How does the Marriage Allowance work?

Are you married or in a civil partnership? You may be entitled to a £900+ tax refund - yet 1.2 million couples are still missing out.

What is the SA370? – Taxfix Taxopedia

The SA370 is a form that you can use if you filed your Self Assessment tax return late and want to appeal against the penalties.

What is Tax-free income? – Taxfix Taxopedia

Tax-free income is income that you earn on which you’re not liable to pay tax. There are lots of allowances that you can claim in the UK.

How to claim the home as office allowance

Working from home and self-employed? You may be able to claim the home as office allowance - a simple tax-free allowance. Find out more here.

Why become a freelance translator? – Page 7 of 10 – Taxfix (formerly TaxScouts)

Deciding whether to be a freelance translator is a big consideration. Whilst the freedom may be tempting,you should know what you’re getting yourself into.

Taxopedia

Cut the jargon with our Taxopedia - understand those all-important tax terms in plain and simple language..

Bitcoin – Taxfix Taxopedia

Bitcoin is the most well-known digital currency. Depending on how you got them or how much profit you made on them, you might need to file a tax return.

Class 1 National Insurance – Taxfix Taxopedia

Class 1 National Insurance is a tax that you pay when you’re employed. This is one of the four types of national insurance in the UK.

How does the Entrepreneurs’ Relief work?

Entrepreneurs Relief (also known as the Business Asset Disposal Relief) is a type of tax relief in the UK. Find out how to claim it here.

Free bookkeeping tools to keep track of your finances – Taxfix

With our free bookkeeping tools, keeping track of your finances just got a whole lot easier. Welcome to the world of free bookkeeping.

Living abroad and UK tax – Page 7 of 10 – Taxfix (formerly TaxScouts)

Are you living abroad but have a business in the UK? We’re dishing out everything you need to know about living abroad and UK tax!

How do I claim EIS loss relief?

EIS loss relief is a type of relief available when you sell your shares at a loss and you can claim it on your Self Assessment.

Rent a Room scheme – Page 7 of 10 – Taxfix Taxopedia

The Rent a Room scheme is a scheme that allows you to earn up to £7,500 a year tax-free from renting out your own home, as long as you also live there.

Relief at source – Page 7 of 10 – Taxfix Taxopedia

Relief at source is a way of giving automatic tax relief on the contributions that you made into your pension scheme. It's set at 20%.

Intro to Taxfix + Koinly – Page 7 of 10 – Taxfix (formerly TaxScouts)

Reporting your crypto profits for tax can be a huge pain, which is why we’ve teamed up with Koinly to create a simple solution, just for you.

What is a Trust fund? – Taxfix Taxopedia

A trust fund is a tool for future planning. It’s a legal third party entity. It’s usually set up to take care of a person's assets.

P87 claim form – Taxfix Taxopedia

A P87 claim form lets you claim tax relief for your employment expenses. You can use a P87 to claim any reasonable expense that relates to your employment

Allowable expenses limited companies can claim

Discover what allowable expenses limited companies can claim to reduce their tax bills and stay compliant.

P11D – Page 7 of 10 – Taxfix Taxopedia

A P11D is a form that tells HMRC if you received benefits from your employer, outside of your salary. You need it if you file a Self Assessment tax return.

Employee – Page 7 of 10 – Taxfix Taxopedia

An employee is someone who works under an employment contract. Usually your employer pays your taxes, but you may need to file a tax return.

Tax guide to buying crypto (UK) – Page 7 of 10 – Taxfix (formerly TaxScouts)

If you’re thinking about buying crypto, before you dabble in the world of digital currency, here's your tax guide to buying crypto in the UK!

Busting Taxfix myths: are the rumours true?

You might have heard a myth or two about Taxfix. It’s time to get down to the real matter at hand - the truth.

What are the CFD trading tax implications?

You can create a diverse investment portfolio with CFDs, but it’s important to consider their tax implications. Here’s an easy guide that explains it all.

Offshore account – Page 7 of 10 – Taxfix Taxopedia

Offshore is an accounting term for "abroad" or "overseas". If you're a UK tax resident, you declare your offshore gains and income to HMRC.

TaxScouts is now Taxfix.

Tax guides and articles

TaxScouts is now Taxfix.

Looking for tax help?