UK Taxes Tag

The VAT Flat Rate Scheme (FRS) is a simplified way of calculating VAT for small businesses. It was introduced by HMRC to make VAT calculations quicker and easier for businesses with a turnover of less than £150,000. Under the FRS, businesses pay a fixed percentage of...

PAYE tax is an acronym for "Pay As You Earn" tax. It is the tax that is deducted from the salaries of employees before they receive their take-home pay. The UK government uses this system to collect income tax and National Insurance contributions (NICs) from...

HM Revenue and Customs (HMRC) is the UK government agency responsible for collecting taxes and enforcing tax laws. The department was formed in 2005 following the merger of Inland Revenue and HM Customs and Excise. HMRC’s primary duty is to make sure that individuals, businesses, and...

A gift is offered to someone without expecting something in return. In such a case, it seems implausible that a gift would cause capital gains tax liability. Therefore, gifts - beware capital gains tax may be payable. While the person receiving the gift will generally need...

There are a series of tax changes that are scheduled to take place in 2021 that can affect businesses and/or individuals. It is essential that you know what these amendments are to avoid getting penalized. If you are wondering how will UK taxes change in...