The amount of BIK tax you have to pay depends on the value of the benefit and your personal tax rate. Your employer is responsible for reporting the BIK benefits to His Majesty’s Revenue & Customs (HMRC) and calculating the correct amount of tax that you owe. ...
If you are unsure as to where you stand, check this out with your UK freight agent or research on the HMRC website. Most of the time, if duty is not payable then VAT will be removed too. How does the GSP Scheme work? The GSP (Generalised System of Preferences) scheme allows for so...
For regular self-employed individuals, you’ll be paid the gross amount of income any contractor or client owes you. It’s then your responsibility to declare your earnings for HMRC to calculate your contributions. The beauty of CIS is that your contractor can directly pay your tax and Nationa...
If you’re planning on importing goods from China, there are a few things you should prepare for. Your company should be registered to pay VAT, it should also have an Economic Operator Registration and Identification (EORI) number. You can register for both quickly and easily with HMRC. If...
Do I need to tell HMRC if I freelance as a second job? Telling HMRC about your income change Is there a simpler way to pay tax on my second income? How much tax do you pay on a second job? Mostly, the rates are exactly the same as you pay for primary employment. The basic rate...
Umbrella Company Tax calculator pic Welcome to iknowtax.com where you will find Tax and NI calculators containing the latest official rates from the HMRC. It allows you to calculate your net income after tax and see what the taxman is taking. You will find lan easy to understand table showin...
Landlords, Income Tax The UK has more than 2.7m unincorporated landlords and each year they report to HMRC rental property income worth some £41bn. Unincorporated landlords are people who earn additional income from renting out property as private individuals, rather than via their own property ...
Why does QuickBooks sometimes calculate VAT for my tax-exempt customer? Based on where you sell or where you ship Total VAT rates are the sum of states rates plus local rates (which may include city, county, and/or district rates). You don't have to keep track of all the rates you...
Value-added tax (VAT) is a “consumption tax” that is collected by businesses on behalf of HM Revenue and Customs (HMRC). It is charged on goods and services that individuals and businesses buy. But there are different rates for different types of goods and services, so how does VAT wor...
The purpose of a VAT return is to calculate the difference between the VAT collected from customers and the VAT paid to suppliers. If a business has collected more VAT than it has paid, it must pay the difference to HMRC. Conversely, if it has paid more VAT than it has collected, it ...