The trading allowance – or, as it is sometimes called, the hobby allowance – can be very useful for people earning small amounts of self-employment, casual or miscellaneous income, particularly if you have low expenses. However, it can be easy to make a mistake when working out how to use the tra...
The Chancellor set out the Autumn Budget and Spending Review with plans to ‘build back better’ over the rest of the Parliament. With public finances in a stronger position than expected, it focused on investing in public services, driving economic growth, leading the transition to net zero and suppo...
If you have a new source of income which you need to declare for tax purposes, you may need to notify HMRC by 5 October following the tax year in which the new source began. This is so that HMRC can issue you with a tax return for completion. Although you should try and meet the deadline, all is not...
If you started your own self-employed business during the Coronavirus pandemic and did not have a National Insurance number (NINO) then you may not be properly registered for Class 2 National Insurance contributions (NIC). This article explains who may be affected and why, what this means for you...
Starting a new job can be daunting, especially in sectors where pay, tax or benefits can be more complicated than usual. As well as having lots of helpful guidance on our website for people on ‘pure’ employment or self-employment scenarios, we also have help and support for people in specific jobs o...
The pandemic has seen the government, devolved administrations and local authorities making a huge range of payments to businesses, individuals and families. LITRG has published new guidance on the tax and National Insurance status of these payments. ...