Tax Advice
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How is income tax calculated?
Income tax in the UK is calculated based on how much money you earn over the course of a year. The process might seem complicated at first, but it follows a simple idea: you pay tax on the money you earn above a certain amount, called your personal allowance. First,
Who is required to pay income tax in the UK?
Income tax is a type of tax that the UK government collects from the money people earn, such as wages, salaries, and other types of income. But who exactly needs to pay it? In the UK, most adults who earn money have to pay income tax. If you have a
What Is a Balancing Allowance?
Capital allowances enable businesses to write off the cost of assets over time, thereby reducing taxable profits. Within this system, the concept of a “balancing allowance” arises when you dispose of an asset—whether by selling it, scrapping it, or otherwise ceasing to use it—and need to settle any remaining difference