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Dec
22
tax
Increased penalties from the HMRC for taxpayers in the UK
It’s every taxpayer’s concern to avoid fines and to understand how the HMRC penalties work to realize how they can avoid them. Each country has rules on penalties for late payment or filing. A penalty can be due if an entity does not report with the HMRC about its tax liability at the correct time
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Dec
15
tax
Self-Assessment Customers in the UK to get the advantage of Enhanced Payment Plans
Another ray of light amidst the darkness that persists in the UK and across the world due to COVID-19 was the declaration of Enhanced Payment Plans for Self-Assessment Customers. The Chancellor, Mr. Sunak, had made a declaration for taxpayers’ payment plans in the country in September as part of his speech. Avail of the benefit
Dec
08
tax
Changes in the UK for Imported Goods from the EU
On January 31, 2020, the United Kingdom (UK) got officially separated from the EU after the public vote held in June 2016, which was in favour of this deal. Thus, the UK is no more an EU member. The transitional period shall end on December 31, 2020, and after that, the UK will be out
Dec
01
tax
Initor Global Unveils the Ultimate Tax Management App for your Business- TaxTrak
Smartphones have become an extended limb for most of us. The major elements that make smartphones, so indispensable are none other than the various mobile apps. These mobile apps have weaved their magic on us with their countless utilities. There is an app for almost every type of daily requirement. Hence, why not get hold
Nov
25
tax
Understanding the art of Effective Tax Planning
Functioning as a good and responsible citizen of the nation comes with many obligations, out of which paying taxes is one. Nobody just wants to bestow a major chunk of their money to taxes; neither can one escape the taxes. So what is the solution? Effective Tax Planning is the answer to all this fuss.
Nov
03
tax
Importance of Tax Planning for the uncertain times in the near future
Since the beginning of 2020, the world is battling the pandemic on various fronts. The impact of the COVID-19 wave is not limited to just adverse health issues. Nations around the globe are witnessing undesirable economic repercussions. The government authorities are under tremendous pressure to bring the economic scenario of their country on track. Tax
Oct
27
tax
Tax-deductible Expenses available to Self-Employed Tax Payers in the UK
One of the principal aspects of the tax calculation of any entity is to know its taxable income. The process of estimation of taxable income involves two essential elements- total earnings and allowable expenses. Operating a business requires spending on multiple forms of expenditures. Every business entity needs to have a meticulous comprehension of all
Oct
19
tax
The relevance of Working Tax Credit for in the residents of the UK
A sizeable chunk of the global populace does not have the means and capabilities to reasonably maintain their needs. Around the world, many earners do not earn sufficiently to support their families. Numerous Government authorities, intending to lower the burden of such low-income groups, launch different support payment schemes. The UK government also has its
Oct
12
tax
Declaration of a rise in the Self-Assessment “Time to Pay” Threshold for UK Taxpayers
Time and time again, the UK government is trying to reduce its citizens’ burden and induce better economic growth. Combatting the atrocities of the COVID-19 pandemic has been immensely arduous. Since the month of March 2020, numerous schemes have come our way as a relief measure. There were a series of significant announcements from Chancellor