Understanding 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 […]

The 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, […]

What 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 […]

Fixed 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, […]

Top 7 Common Tax Return Mistakes That People Make

It has always been an option for people to file their own tax return rather than get someone else like a tax accountant to fill it in for them. However with the advent of the internet and online filing system more people than ever before now file their own tax return via the HMRC online […]