The HMRC starter checklist is a form provided by Her Majesty’s Revenue and Customs (HMRC) in the United Kingdom. It is typically used by employers to gather important information from new employees. The checklist includes details such as personal information, employment status, tax code, student loan status, pension arrangements, previous employment history, and benefits received. … Read more
The BR tax code is an important aspect of the UK’s taxation system. It determines the amount of tax an individual or business must pay on their income. This comprehensive guide aims to provide a detailed understanding of the BR tax code, covering its definition, usage, implications, and frequently asked questions. Also read: OT Tax … Read more
When it comes to business-related travel, many individuals in the United Kingdom are unaware that they can make VAT mileage claims. These claims can help offset the VAT on fuel costs and provide a tax advantage for businesses. In this article, we will delve into the process of making VAT mileage claims in the UK, … Read more
An accountant’s certificate is a required document supplied by a trained and certified accountant to support a mortgage application in the United Kingdom. Accountants certificate required by mortgage lenders or banks in the UK. It is used to check and authenticate the applicant’s financial details, particularly for self-employed persons or those with complicated financial situations. … Read more
VAT, or Value Added Tax, is a consumption tax levied in the United Kingdom on goods and services including sales by VAT-registered businesses. VAT is collected at each level of the supply chain on most goods and services, from the manufacturer to the consumer. Below are some key points about VAT in the UK: Also … Read more
The P60 form in the United Kingdom is a document provided by employers to their employees at the end of each tax year, which runs from April 6th to April 5th of the following year. It summarizes the employee’s total earnings and the amount of income tax and National Insurance contributions deducted throughout the tax … Read more
A Corporation Tax reference number (also known as a Unique Taxpayer Reference or UTR) is a 17-digit number or 17 characters that is assigned to companies and other organizations in the UK that are registered for Corporation Tax. It is used by HM Revenue and Customs (HMRC) to identify and track the tax affairs of … Read more
The P45 form in the United Kingdom is a document provided by employers to employees when they leave a job during the tax year. It contains important information about the employee’s earnings and tax deductions up until the date of leaving. The P45 form consists of four parts, labeled Part 1A, Part 2, Part 3, … Read more
In the context of the UK tax system, the term “OT tax code” refers to a specific tax code used by Her Majesty’s Revenue and Customs (HMRC) to calculate an individual’s income tax liability. “OT” tax code is used when the taxpayer is not eligible for any personal allowance. Usually, the individual gets £12570 every … Read more
An SA302 form is a document issued by Her Majesty’s Revenue and Customs (HMRC) in the United Kingdom. It summarizes an individual’s tax calculation for a particular tax year. The form provides details of income received, tax allowances and reliefs claimed, and the amount of tax due or refundable. The SA302 form is typically requested … Read more
