If you work full-time, you’re on the government’s PAYE system. This takes tax at source from your employer and allows them to pay you. But Income Tax on a second job needs to be factored in too. It’s the law – no one can escape it, whether you’re just starting out or ...
If you are employed then you will pay yours directly through your employer via Pay as You Earn or PAYE. If you have your own business then you are required to submit a Self-Assessment tax form on 31st January following the end of the tax year which will determine how much tax you ...
Because you may not access your RA funds until you are 55 years old, this is a great way to save for your future, while also reducing your annual tax bill.2. Open up a Tax Free Savings Account This is a type of savings account offered by financial institutions that invests your money...
National Treasury Cabinet Secretary Njuguna Ndung’u has in his Finance Bill 2024, proposed amendments to extend the digital service tax to platforms owned by foreign firms but with a presence in Kenya. In the changes, the definition of ‘digital marketplace’ is expanded to include ...
INCORRECT RELIANCE ON BILL OF RIGHTS NOT A REASONABLE EXCUSE IN PENDLE In Pendle v Revenue & Customs [2015] UKFTT 27 (TC,) Mr Pendle appealed a 拢100 penalty issued under Finance Act 2009 (FA 2009), Sch 55 for the late submission of his tax return. He had submitted his tax return ...
Pay As You Earn Repayment Plan (PAYE Plan):Pay 10 percent of your discretionary income for 20 years. Income-Based Repayment Plan (IBR Plan):Pay 10 percent of your discretionary income for 20 years if you’re a new borrower (on or after July 1, 2014) or 15 percent of your discretionary...
Pay As You Earn Repayment Plan (PAYE Plan):Pay 10 percent of your discretionary income for 20 years. Income-Based Repayment Plan (IBR Plan):Pay 10 percent of your discretionary income for 20 years if you’re a new borrower (on or after July 1, 2014) or 15 percent of your discretionary...
You may also need to make ‘Payments on Account’ towards the following tax year, if your tax bill is over £1000 and you haven’t paid more than 80% of all the tax you owed directly, i.e. through your tax code on your PAYE salary. For the tax year ending 5th April 2021, ther...
Airtel and Telkom users will from today (Friday) access Safaricom’s pay bill platform following the upgrade of the seamless transfer.
Partnerships and self-employed people take drawings directly from the business. You just need to keep enough by to cover future costs and pay your Self Assessment tax bill. Directors of limited companies are different in that they are usually both an employee of the company and an owner, so ...