CIS Subcontractors: A guide to allowable expenses
As a subcontractor, the easiest figure to calculate for your self-assessment income tax return is your income: it’s the sum of the monthly CIS statements you have received throughout the year from your contractors and from which you can calculate the total amount of income tax deducted at source. But what about expenses that you can claim against such earnings? You may well have read or heard conflicting advice as to what you can and cannot claim on your self-assessment income tax return – so what’s the truth? What expenses can you...
read moreNew Transferable Tax Allowance for couples
From April 6th 2015, married couples and civil partners may be eligible for a new transferable tax allowance. The measure will benefit couples where one earns less in income than the value of the personal tax allowance and the other is a basic-rate taxpayer. One partner or spouse can transfer 10% of their personal allowance to the other and this means that the recipient can earn an extra £1,060 on top of their own personal tax allowance of £10,600 in the 2015/16 tax year before paying any tax. However, this will NOT apply to higher rate...
read moreSelf Assessment Tax Return (CIS)
The 2013/14 tax year ended on April 5th 2014. So, if you haven’t already done so, NOW is the time to start gathering your accounting information for your 2014 self assessment tax return. You may well be entitled to a CIS tax rebate but only after your self assessment tax return has been completed and filed with HMRC.The Taxback Service Company has over 20 years experience in completing self assessment tax returns for CIS subcontractors. We are ready and able and willing to assist you with any queries you may have relating to your...
read moreUniform Tax Rebate – are you entitled a tax back ?
If you are required to wear a uniform or need to wear protective clothing at work and have to cover all or part of the cost of washing/cleaning such workwear, then you are entitled to tax back on such costs! The Tax back Service Company helps individuals claim tax back. We have a dedicated team of taxback specialists, with many years of experience dealing with HMRC, working on a NO REBATE – NO FEE basis. We ensure the process is hassle-free for you from start to finish as all you have to do is sit back and wait for your uniform tax rebate to...
read moreUniforms tax refund or tax allowance for HM Forces ?
The Ministry of Defence has announced that, from 2014, serving officers of HM Forces will get a tax free allowance to pay for the cost of cleaning their uniforms. This allowance will be made by increasing their individual PAYE tax code and, the higher the tax code, the less tax is paid. Some employees who are required to wear ‘special’ clothing or uniforms in their jobs, are entitled to UK income tax relief for the costs of its upkeep. However, until now, this has never applied to armed forces personnel. Whilst combat gear/military dress etc...
read moreHow to claim tax back that was overpaid through your work place
Sometimes, when you are working, you can end up paying too much UK Income Tax , particularly if you change jobs often or have more than one job at the same time. That said, we always start with the premise that you may well have overpaid UK income tax and review every possible aspect of your personal taxation affairs, to determine whether or not you have paid too much UK income tax. Then, we set about claiming tax back for you! When might you have overpaid tax through your job? You may have paid too much tax, meaning we can begin our process...
read morePAYE tax codes and your tax refund
In the UK, every employee paid under the PAYE scheme is allocated a tax code by HM Revenue and Customs (HMRC). This is usually in the form of a number followed by a letter suffix, though other ‘non-standard’ codes are also used. This code describes to employers how much UK income tax to deduct from an employee. The PAYE tax code is normally based on information provided to HMRC by the taxpayer or their employer. PAYE tax codes are usually adjusted once a year to take into account any changes made in the National Budget, but can be...
read moreWhat is your UK income tax rate?
Most UK income taxpayers believe it to be 20pc or 40pc, perhaps even 45pc but, of course, there is an extra ‘tax’ on earnings, known as National Insurance (NI)!So, as salaries rise, the real UK income tax effective rates – including NI – change from 32pc to 42pc to 62pc then back to 42pc and, finally, to 47pc. And, as the great Michael Caine would say…. ‘Not a lot of people know that’To clarify then. From April 2014 the ‘true’ rate of UK income tax on earnings over £10,000 is 32pc i.e. tax...
read moreHMRC Tax refund – Are you entitled for a tax rebate ?
Are you missing out on a UK income tax refund ? The Taxback Service Company is here to help you ! HMRC admits – 3.5 million people overpaid on their taxes According to the HMRC , as many as 3.5 million people unwittingly paid too much UK income tax in the 2012-13 tax year (ie to April 5th 2013) and are each owed an income tax refund averaging between £350 and £500! Every year, the taxman is supposed to check that the amount of tax and national insurance deducted by employers matches the information on its records. This so-called...
read moreUK Tax rebate Scam
Watch out for a new twist to scams – the UK income taxback or UK income tax rebate email. Julian Behrman from The Taxback Service Company (http://www.taxbackservice.co.uk) is urging people not to fall victim of the online con. “Many people are being sent bogus emails that are pretending to offer them a UK income tax rebate from HMRC. They typically begin with an opening sentence such as ‘we have reviewed your income tax return; according to our income tax calculations, you are due an income tax refund of £X is due’. “These...
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