NatWest has found itself in hot water after forcing hundreds of business customers to open fee-paying current accounts in order to secure a loan. The high street bank is now having to refund around £600,000 to small and medium-sized business after legal direction from the Competition and Markets Authority (CMA). The CMA found that NatWest…
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Tax Diary September/October 2022
1 September 2022 - Due date for Corporation Tax due for the year ended 30 November 2021. 19 September 2022 - PAYE and NIC deductions due for month ended 5 September 2022. (If you pay your tax electronically the due date is 22 September 2022) 19 September 2022 - Filing deadline for the CIS300 monthly…
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Rent-a-room Relief
The Rent a Room Scheme lets you earn up to a threshold of £7,500 per year tax-free from letting out furnished accommodation in your home. This is halved if you share the income with your partner or someone else. You can let out as much of your home as you want. The tax exemption is…
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Two thousand pounds tax free income
There is no tax to pay on trading income or earnings from land and property as long as the income from each source does not exceed £1,000. Trading allowance The trading allowance is a tax exemption of up to £1,000 a year for individuals with trading income from: self-employment. casual services, for example, babysitting or…
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