Personal Allowances Explained

  What is the Personal Allowance It is an amount of income that you can earn which is deemed non-taxable by the UK Government. If your income surpasses this amount, you would pay tax on the excess amount. There are certain parameters which determine what your personal allowance would be such as your age, if you […]

Marriage Allowance

The Marriage Allowance is a tax relief available to share between civil partners and spouses. It allows either partner to transfer £1060 of their £10600 annual personal allowance to the other civil partner or spouse. How does this effect you and your partner? This effectively means a reduction of £212 tax in your partners or […]

Taxable Profits for Self Employed

If you are Self Employed you are taxed on the following profits and gains. Salary/Wages from Employment Employment Benefits Profits from self-employed earnings (ie. an products or services which you charge for) State, company & personal pensions Interest on savings and bonds (other than tax free ISAs) Rental income (unless you are living in the […]