Paying Class 2 NICs

Whether or not Class 2 National Insurance Contributions (NICs) can be paid depends on whether an individual falls within the definition of a ‘self-employed earner’ for NIC purposes, and if so, whether profits are in excess of the existing small profits...

Paying voluntary NICs

There are various reasons as to why gaps may arise in an individual’s national insurance contributions (NIC) record, for example, because that person has been on low earnings for several years, they have been living abroad, or because they have been unemployed...

Tax Bands, Rates and Allowances

What are the tax bands, tax rates and tax allowances? This post lists most of the main tax bands, rates and allowances in the UK. It covers Income Tax Bands, National Insurance Rates, Corporation Tax Bands, Capital Gains Tax Bands, and Inheritance Tax Bands. For other...
Income Tax – a summary of the important essential aspects

Income Tax – a summary of the important essential aspects

This is a summary of the most important aspects of income tax (IT) and income tax rates. The tax year runs from 6th April to the following 5th April. It’s a historical thing dating back to 1752 when England changed from the Julian calendar to the Gregorian Calendar,...
Tax Return Filing Dates and Penalties

Tax Return Filing Dates and Penalties

Personal Tax Return If you are required to complete a return, they are normally issued to you at the beginning of April each year. The basic return is 10 pages but many sources of income require supplementary pages to be completed as well. Some people receive a short...