Category Archives: Personal tax
Gift Aid Tax Relief
Learn how to earn tax relief by donating to a charity through the Gift Aid scheme. Charities receive an extra 25p for every £1 donated. Maximize your impact and support causes you care about while reducing your tax liability. Find out more here.
Continue readingUnderstanding the Unique Taxpayer Reference
What is a Unique Taxpayer Reference (UTR)? A Unique Taxpayer Reference (UTR) is a ten-digit number that is exclusive to either an individual or a business, acting as an identifier for tax purposes in the United Kingdom. This code is integral to the process of filing tax returns, dealing with HMRC (Her Majesty’s Revenue and […]
Continue readingThe Comprehensive Guide to Navigating Your Self-Assessment Tax Return
A self-assessment tax return is a system utilized by tax authorities where individuals declare their income for a specific tax year. It requires the taxpayer to be proactive in reporting their income, expenses, allowances, and reliefs to the government. In the UK, the self-assessment system is used to collect income tax. Self-employed workers, company directors, […]
Continue readingWhat is an 0T Tax Code?
If an 0T tax code appear on your payslip, this indicates that HMRC has not issued an up-to-date tax code for you. HMRC issues tax codes for both employment and pension income which employers apply directly into your pay. A lack of an accurate code could mean not receiving enough tax free allowance for yourself […]
Continue readingFixed Deposit As A Financial Instrument
A fixed deposit (FD) is a financial instrument provided by banks or NBFCs which provides investors a higher rate of interest than a regular savings account, until the given maturity date. It may or may not require the creation of a separate account. It is known as a term deposit or time deposit in Canada, […]
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