Marriage Allowance lets you transfer £1,250 of your Personal Allowance to your husband, wife or civil partner. This can reduce their tax by up to £250 every tax year (6 April to 5 April the next year). To benefit as a couple, you need to earn less than your partner and have an income of £12,500… Read More »
Contribution rates An employee’s Class 1 National Insurance is made up of contributions: deducted from their pay (employee’s National Insurance) paid by their employer (employer’s National Insurance) The amounts deducted and paid depend on: the employee’s National Insurance category letter how much of the employee’s earnings falls within each band Employee National Insurance rates This table shows how… Read More »
You’re already claiming Child Tax Credit How much Child Tax Credit you get depends on your circumstances. You must tell HM Revenue and Customs if your circumstances change. If your claim started before 6 April 2017 You get: the basic amount of Child Tax Credit (known as the ‘family element’) the ‘child element’ for children born… Read More »
You put an employee’s tax code into your payroll software to work out how much tax to deduct from their pay throughout the year. Tax code 1250L The most common tax code for tax year 2019 to 2020 is 1250L. It’s used for most people with one job and no untaxed income, unpaid tax or… Read More »
Taxpayers should include tax plans in their wedding plans Couples getting married this year know there are a lot of details in planning a wedding. Along with the cake and gift registry, their first tax return as a married couple should be on their checklist. The IRS has tips and tools to help newlyweds consider… Read More »
All taxpayers should plan ahead for natural disasters Floods, wildfires, hurricanes, tornados and other natural disasters happen quickly and often with little warning. No one can prevent these disasters from happening, but people can prepare for them. Here are some things taxpayers can do to help protect their financial safety should a disaster occur. Taxpayers should: Update… Read More »
Expat Tax Accountant UK Here is the List of Expat Tax Accountant in UK (United Kingdom) The Accountancy Partnership You will get unlimited help and advice from your dedicated accountant and the rest of the team via email, phone, live chat or in person Click here to visit website Expat Tax Advice Experts for Expats… Read More »
Home office deduction benefits eligible small business owners Small business owners may qualify for a home office deduction Click here that will help them save money on their taxes, and benefit their bottom line. Taxpayers can take this deduction if they use a portion of their home exclusively, and on a regular basis, for any of… Read More »
It’s not too late to check IRS payment options IRS offers taxpayers convenient, secure ways to pay their taxes throughout the year. Taxpayers can pay: Online By phone With their mobile device using the IRS2Go app Additionally, some taxpayers must make quarterly estimated tax payments throughout the year. These taxpayers may include sole proprietors, partners, and S-corporation… Read More »
The Tax Cuts and Jobs Act (TCJA) changed certain rules for accrual-method taxpayers. Previously, taxpayers who used the accrual-method generally needed to include income in the year in which all events had occurred that fixed the right to receive income and the amount could be determined with reasonable accuracy, the “all-events test”. TCJA revised Section… Read More »