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Is your extra income taxable?

Is your extra income taxable?

by | Feb 20, 2025 | Income Tax

HMRC has launched a new "Help for Hustlers" campaign to help people who are earning extra income, figure out if they need to pay tax on the additional earnings. The campaign runs until the end of March and focuses on five key areas where tax might apply:...
Jointly owned property – no partnership

Jointly owned property – no partnership

by | Feb 13, 2025 | Income Tax

Tax on rental income from jointly owned property depends on ownership shares, unless part of a partnership. Married couples default to a 50/50 split unless they notify HMRC of a different income allocation based on actual ownership proportions. When property is...
Self-employed must report profits on tax year basis

Self-employed must report profits on tax year basis

by | Jan 30, 2025 | Income Tax

Big changes are here for the self-employed! From 2024-25, profits must align with the tax year, replacing the old "current year basis." Overlap relief is ending, and transition profits will be spread over five years. Here’s how the new system affects...
How to check your tax code

How to check your tax code

by | Jan 30, 2025 | Income Tax

Your tax code determines how much tax is deducted from your pay. While 1257L is the most common, different letters and numbers can affect how much you owe. From marriage allowance to emergency codes, here’s how to decode what HMRC assigns you. Your tax code is...
Reforms to taxation of non-doms from April 2025

Reforms to taxation of non-doms from April 2025

by | Jan 30, 2025 | Income Tax

From 6 April 2025, the remittance basis of taxation will be scrapped in favour of a residence-based system. A new 4-year Foreign Income and Gains regime offers tax relief for new arrivals, while transitional measures aim to ease the shift. Here’s what’s...