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Is £100k a good salary in the UK?

Yes, a salary of 100k + does still put you in a relatively select group at the top of the UK earners list. Whilst those at the very top of that heap are touching seven-figure salaries, the proportion of those on more than £100k continues to grow.
But with a cost of living crisis, slow growth and record amounts of government borrowing needing to be paid back, if you’re earning £100k or more in the UK, you may find yourself in the spotlight if there are any changes to the income tax bands.

24th June 2022
Personal Tax / SME Questions

Why is my salary different every month

It’s a fair question, especially if you’re on a fixed salary. It would be easy to think that you should just receive a set amount each month based on the total salary, less tax, divided by 12 for monthly pay or 53 for weekly payrolls. But the way tax is calculated is not that straightforward and there are various factors which mean your salary will vary by month. Needless to say, the overall salary amount you get paid over the year evens out to that net figure but it won’t arrive in neat even chunks, and here’s why.

24th June 2022
Personal Tax / SME Questions

New Tax Year – Get Planning

With such uncertain times and increased pressure on personal finances, there’s no better time than the start of the new tax year to do a bit of financial planning. With the cost of living rising (the year to March 2022 inflation sitting at 7%) and energy prices and taxes following suit, it’s important to make the most of allowances and reliefs.

26th April 2022
Personal Tax / Tax

HMRC shuts phone lines to deal with backlog

HMRC has announced that it will be closing its telephone lines for 3 days during December, to redirect staff time into dealing with a backlog of letters and queries. The phone lines are those primarily dealing with VAT and Corporation tax queries but other services may also be affected as the department tries to deal with a backlog that has built up during the pandemic.

8th December 2021
Business News / Personal Tax / Tax

How much does a personal tax return cost?

When it comes to tax, you want to be paying as little as possible – tax that is. But for many, the cost of completing a tax return can feel like a tax in itself and you may be inclined to try and pay as little as possible. But is that a wise idea? Do […]

10th November 2021
Personal Tax / SME Questions

It’s time to simplify the tax system

As the dust settles on the 2021/22 budget and we absorb another round of tax increases and changes to reliefs and tapers, we are once again reminded of just how complex the UK tax system is. Managing this on an individual level is hard enough, imagine having to control and account for it across an […]

10th November 2021
Legislation / Personal Tax / Tax

How much can I spend on staff and client entertainment?

September 2021 marked the return to normal business life for many, following the hiatus caused by Covid, multiple lockdowns and the work from home rule. But as we head back into the office, into networking events and even begin entertaining colleagues and clients again, it’s perhaps a good time to remind ourselves of some of […]

11th October 2021
Business Advice / Personal Tax / SME Questions / Tax

What Does the Health and Social Care Levy Mean for Me?

In a clear breaking of a manifesto pledge, Boris Johnson has announced a 1.25% tax levy, to be applied through National Insurance (NI) contributions and dividend taxation, to help plug a funding gap in NHS and social care spending. But what does this mean for you? How much extra will I pay? As an employee, […]

17th September 2021
Personal Tax / Tax

PAYG Tax for Self Employed?

As part of the continued push towards a fully digitised tax system, plans have been outlined by the Treasury for the self-employed to begin paying their taxes on a PAYG (Pay-As-You-Go) basis. Currently, freelancers and the self-employed pay tax annually or bi-annually as part of the self-assessment tax return process and based on their actual […]

17th August 2021
Making Tax Digital / Self Employed / Tax

HMRC to reclaim incorrect pandemic support through tax returns

HMRC has announced that self-assessment tax returns for the 2020/21 tax year will contain a question relating to pandemic support as it seeks to recover incorrectly claimed monies. If you are required to complete a self-assessment tax return then you will recently have received a notice reminding you to complete your return for the tax […]

26th May 2021
Personal Tax / Tax

11 Downing Street is home to Chancellor of the Exchequer and where the budget is drafted

Tory Tax Rises

A Tax Raising Tory Government? I have been in the accountancy game a while now, too many years to mention perhaps. During that time, I have seen many governments of all colours and persuasions and as a firm we have endeavoured to help our clients, both personal and commercial, navigate the peaks and troughs of […]

4th March 2020
Budget / Business News / Tax

Capital Gains Tax Rules on Property Change

Property owners need to be aware of significant changes to Capital Gains Tax (CGT) rules regarding the disposal of property assets. A range of measures were announced in the Autumn Budget 2018 that will impact those selling their main home, second homes or buy-to-let properties. One significant change relates to the sale of main homes. […]

17th June 2019
Personal Tax / Tax