Not sure if your hobby is actually a taxable trade? HMRC uses 'badges of trade' to assess whether an activity is a business. Factors like profit motive, transaction frequency, and asset changes help determine if tax rules apply to your earnings. The 'badges of trade'…
Author: Dev15
Is your extra income taxable?
HMRC has launched a new "Help for Hustlers" campaign to help people who are earning extra income, figure out if they need to pay tax on the additional earnings. The campaign runs until the end of March and focuses on five key areas where tax…
Health services exempt from VAT
Health professionals providing medical services may be exempt from VAT if their work falls within their registered profession and primarily protects, maintains, or restores health. HMRC outlines specific exempt services, including diagnosis and treatment. The VAT liability of goods and services provided by registered health,…
Tax-free redundancy payments
If redundancy strikes, you could receive up to £30,000 tax-free. Whether it's statutory or a more generous employer offer, understanding your entitlements and the latest caps on weekly pay can make a real difference to your finances. There is a tax-free threshold of £30,000 for…