PAYE For Employers: Manage Company Payroll
PAYE (Pay As You Earn) is a system used in the UK to collect income tax and National Insurance contributions (NICs) from employees’ wages. As an employer, understanding PAYE is crucial for managing your payroll and tax obligations. PAYE for employers can quickly become complex. But provided you understand HMRC’s rules and your obligations, you […]
Tax on Reselling & Side Hustles
Most of us have sold something online using the likes of Ebay, Vinted or DePop. But do you know if you have to pay tax on the money you made? UK tax rules on online selling, reselling or trading will depend largely on how active you are as a seller and how much profit you’ve […]
Personal Tax Allowance 2024
Every taxpayer in the UK has a personal tax allowance. Whether you’re an employee checking that you’re being paid correctly, or you’re self-employed and wanting to know how much to set aside for your annual self-assessment tax bill, it’s important to understand how your tax liability is calculated. Your personal tax allowance is a key […]
Emergency Tax Code Guide for Employers
Ensuring that new employees are registered to pay tax forms an important part of an employer’s role in fulfilling their obligations to HMRC. This includes how and when to use emergency tax codes for new starters. In this guide for employers, we explain the emergency tax rules, how they work, how to use them and […]
Marriage Allowance: How to Claim
When assessing your liability to income tax, much will depend on the extent of any personal allowance that you’re entitled to claim for the relevant tax year. If you’re either married or in a civil partnership, your spouse or civil partner may be able to transfer part of their allowance to increase your tax-free threshold, […]
Tax Relief: How to Claim & Reduce Your Tax Bill
Understanding how tax relief works in the UK can help you to minimise the amount of tax payable on any income received as either an employed worker, or when working for yourself on a self-employed basis, helping you to maximise your take-home pay or net profit. While there are broadly similar principles in place when […]
Employers’ National Insurance Rates 2024
Meeting your obligations towards HM Revenue and Customs (HMRC) forms an important part of your duties as an employer in the UK. This includes payment of Employers’ National Insurance alongside your employees’ National Insurance Contributions (NICs). The following guide examines the rules relating to employers’ national insurance contributions, from what these are for and who […]
Employment Allowance: Save on Employer NICs
Running a small business in the UK comes with its own set of tax considerations. One helpful benefit for eligible employers is the Employment Allowance. If you’re liable to pay employers’ Class 1 National Insurance, eligible employers can reduce this liability by up to £5,000 per tax year. Below we look at the Employment Allowance […]
£40000 After Tax in 2024
£40,000 after Income Tax is deducted is £34,514, before National Insurance and any other relevant deductions are made. Combining Income Tax and NICs deductions, you are likely receive around £30,867 after tax on a £40,000 salary. This is however an estimate and can vary depending on your specific tax code and circumstances. In this guide, […]