GM-Consultant

Understanding UK Tax on Overseas Income The UK tax system can be complex, especially when dealing with foreign income. If you’re a UK resident, you may need to pay tax on your worldwide income, including foreign earnings from UK sources or abroad. However, if you’re a non-resident, you’re generally only taxed on UK income. Your residency status is crucial—staying in the UK for 183 days or more in a tax year usually makes you a tax resident. If … Read more

If you’ve just hit the jackpot or are dreaming about it, you’re probably wondering, “Is the UK Lottery tax-free?” The short answer is yes—lottery winnings in the UK are generally tax-free, whether it’s from the National Lottery, EuroMillions, or scratch cards. But don’t get too comfortable—what you do with your winnings can trigger other tax … Read more

The £50 road tax reduction is a government-backed benefit offered through the Driver and Vehicle Licensing Agency (DVLA) for qualifying UK vehicle owners. It’s primarily targeted at individuals who receive certain disability or income-related benefits, and it’s applied as a discount on your annual Vehicle Excise Duty (VED). This tax relief aims to reduce the … Read more

Losing both parents is one of life‘s most challenging experiences. The passing of your second parent doesn’t just amplify emotional pain – it brings real logistical difficulties too. I remember when my clients John and Sarah had to manage their late father’s affairs while dealing with fresh grief. Like many families in the UK, they faced practical financial questions at the worst possible time. The inheritance tax rules become especially crucial when the second parent dies. Many children don’t realize they’ve been assigned new financial concerns until … Read more

HMRC warns that savings over £3,501 may incur tax, and thousands of UK taxpayers are facing unexpected bills. With rising interest rates, many savers are earning more than they realize, potentially pushing their interest income above the Personal Savings Allowance (PSA). As a London accountant, I’ve seen many taxpayers wrongly assume their savings are tax-free, … Read more

Many pensioners believe that after retirement, they no longer need to worry about taxes. However, the question remains: do pensioners need to file a tax return UK? If your income from state pensions, private pensions, savings, or investments exceeds your Personal Allowance or includes untaxed income, HMRC may require you to submit a Self Assessment … Read more

As a landlord in the UK, you might be wondering, “Do I pay tax on rental income if I have a mortgage?” The short answer is yes—you still owe tax, but smart planning can reduce what you pay. While your mortgage itself doesn’t make your income exempt, specific rules and allowances let you claim deductions on interest and other costs. From experience, many landlords miss key tips to optimise their tax position. The intricacies of taxation mean having a property with a mortgage impacts what you generate from rent. It’s essential to understand these implications—whether you’re new to renting or running a lucrative venture. This article will break down the key points so you … Read more

The BR tax code—often called an emergency code—means HMRC temporarily taxes your income at 20% without applying your tax-free personal allowance. This usually happens in three key scenarios: if you have more than one job (where your main job uses your allowance), your new employer lacks sufficient information, or your circumstances change (like a sudden income shift). For example, if you earn £25,000 from your primary role and an additional £10,000 from a second job, the extra income is fully taxable under BR code. As an … Read more