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: Income Tax
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 …
Many companies offer Tax Advantaged incentive schemes to employees as part of long-term incentive plan. These include: Share Incentive Plans (SIP) Save As You Earn (SAYE) Company Share Option Plans (CSOP) Enterprise Management Incentives (EMI) Share Incentive Plans (SIP) Employees can buy their employer companies’ shares with their …
Venture-backed companies often grant Restricted Stock Units (RSU) to its employees as a form of incentive plan to encourage employees stay with the company for longer. The shares in RSU can be restricted (with no voting rights, for example) and only become available to employees after certain conditions are met, …
You may already be aware of the personal savings allowance. This offers an allowance of £1,000 of interest income for basic rate taxpayers, or £500 for higher rate taxpayers. (The allowance is not available to additional rate taxpayers.) Additionally, if you are a low-income earner, you may be eligible to …