What are the impacts of tax code on my net income?
FAQ
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 …
How to choose employee incentive schemes to save tax?
Income Tax
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 …
Take advantage of Stamp duty holiday
Property tax
The Chancellor of the Exchequer recently announced a mini holiday from stamp duty on residential properties. The holiday lasts from now until next March, and all categories of buyers will benefit including landlords, first time buyers, and buyers who have owned homes before. Let’s look at how this works and …
Rent a Room relief
Property tax
Individuals can earn up to £7,500 rental income per annum tax free under Rent a Room relief by letting out furnished accommodation in their own home. The £7,500 is rental income, before any expenses are deducted. If the income is below £7,500 for the year, and an individual is not …
Income tax and NIC at RSU vesting
Income Tax
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, …