If you are struggling financially, you may be tempted to withdraw money from your pension to help you out. This may not always be a good idea. There is a minimum age to take money from a UK registered pension (usually 55). If you take money out sooner, you are likely to face large tax charges. The s...
Starting any new job can be daunting, but in flexible work, pay, tax or benefits can be more complicated than usual. Flexible working covers many different types of arrangements – temporary, casual, platform, contracting, flexitime, remote working etc. If you have any questions about your tax positi...
Since the umbrella company consultation closed in August 2023, we have written several articles for ContractorUK on the topic, which we summarise here....
As it’s a new tax year, some sole traders, partnerships or landlords may be tempted to throw away last tax year’s receipts. Business records can include documents such as bank statements, sales invoices and expense receipts. However, there is a legal requirement to keep these records to support the ...
We are delighted to have been shortlisted in the ‘outstanding contribution to taxation in 2023/24 by a not-for-profit organisation’ category at the prestigious annual Tolley’s Taxation Awards. This is especially fitting as LITRG celebrated its 25th anniversary in 2023. ...
If you miss the self assessment tax return deadline, HMRC will automatically send you a 'late filing penalty’ notice. Penalties start to increase the longer the tax return is outstanding. If you didn’t get your 2022/23 tax return submitted by 31 January 2024 and still have not sent it in, you m...