At the beginning of each tax year, taxpayers will receive a letter from HMRC telling you the tax code for this tax year. A few common ones for the current tax year are: 1257L – you will get the standard tax-free allowance, which is £12,570 0T – no tax-free …
Category: FAQ
HMRC require that all companies’ financial years finish on the last day of the month in which they are incorporated. HMRC also want any one corporation tax return to cover no more than 365 days. This means companies must submit one return covering the twelve months to the anniversary of …
You complete a Self-Assessment tax return, submit it, then a few weeks later you receive a letter from HMRC asking you to pay a much higher amount than the tax liability shown on your tax return. Why? In short, HMRC wants you to pay your tax liability for the …