Trading Allowance Explained: A Simpler Guide What is it? The Trading Allowance lets you earn £1,000 tax-free per year from certain activities like side hustles, hobbies turning into businesses, or occasional gigs. This covers trading, casual, and miscellaneous income. Think of it as: Selling crafts online Babysitting Renting a spare room Freelance work Car sharing royalties What doesn’t count? Regular … Read More
Capital gains Tax
Report and pay Capital Gains Tax How and when you report Capital Gains Tax over your annual allowance depends on what you made the gain on. There are different ways to report and pay Capital Gains Tax due on: UK residential property sold since 6 April 2020 any other gains To report any capital gains you’ll need: calculations for each … Read More
A beginner’s guide on how to pay your tax bills
Self Assessment What you’ll need You’ll need to use your 11-character payment reference when you pay. This is your 10-digit Unique Taxpayer Reference (UTR) followed by the letter ‘K’. You can find it either: In your HMRC online account On your paying-in slip, if you get paper statements You can also find your UTR number on your Self Assessment form … Read More
The CIS Contractor – Construction Industry Scheme
CIS Contractor – Construction Industry Scheme New CIS application CIS (short for “The Construction Industry Scheme“) was set up by HMRC to collect income tax throughout the year from people working in the construction industry. Construction companies deduct tax on behalf of their workers (subcontractors) and send the money to HMRC as tax payments: 20% for workers who have registered … Read More
