# Legend Financial > Legendary Tax, Accounting, & Business Advice ## Posts - [Energy Firms’ Direct Debit Failures](https://legendfinancial.co.uk/energy-firms-direct-debit-failures/): The UK government announced last February three different schemes of energy support to aid energy consumers in the present crises in which the energy suppliers are responsible for proper execution. However, just as the energy price cap increased in April for up to £1,971 (for direct debit payers) and £2,017 (for prepayment meter users) a […] - [IMF Predicts UK To Be The Slowest Growing G7 Country In 2023 ](https://legendfinancial.co.uk/imf-predicts-uk-to-be-the-slowest-growing-g7-country-in-2023/): The G7 countries, with the most advanced economies, are nevertheless affected by the current global economic issues just as the rest of the world, with a roughly 15 per cent probability of recession. The International Monetary Fund (IMF) predicted that the UK would fall behind Canada, France, Germany, Italy, Japan, the USA, and the EU […] - [Choosing Accounting Software: Key Considerations for Your Business](https://legendfinancial.co.uk/choosing-accounting-software-key-considerations-for-your-business/): Contents A business’ growth entails the need for proactive means of handling finances. Laying the math on a spreadsheet or paper will only prove to be counterproductive in the long run. Errors are bound to happen, which could have been avoided when the right tools were used. It’s time to level up the accounting aspect […] - [4 Mostly Used eCommerce Accounting Software This 2022 ](https://legendfinancial.co.uk/4-mostly-used-ecommerce-accounting-software-this-2022/): Contents The financial aspect of a business isn’t just about computing sales. Like it or not, it also encompasses taxes and many other areas, which is hassling for one who just loves to count sales. It’s also not a wise move to rush on complying with tax requirements only when the tax period comes. More […] - [£6 Billion Tax-Cuts of the Decade ](https://legendfinancial.co.uk/6-billion-tax-cuts-of-the-decade/): To help with the cost of living crisis, the British prime minister Boris Johnson and chancellor Rishi Sunak announced the single biggest tax cuts of the decade, worth £6 billion. This resulted from the rise in the National Insurance threshold from July 6 (£9,880 to £12,570), saving 30 million British workers up to £330 a […] - [Bank Of England's Fifth Interest Rate Hike In A Row](https://legendfinancial.co.uk/bank-of-englands-fifth-interest-rate-hike-in-a-row/): For the fifth time in a row, the Bank of England (BoE) announced another hike in interest base rate by a quarter-point, now totaling to 1.25 per cent, to battle the robust inflation and shrinking UK economy. This hike has been the first to exceed the 1 per cent base rate since 2009, as well […] - [7 Reasons Why Accounting for eCommerce Companies Is Challenging ](https://legendfinancial.co.uk/7-reasons-why-accounting-for-ecommerce-companies-is-challenging/): Contents The number of eCommerce businesses launching in the UK is increasing for various reasons. Putting a business online allows it to reach an even bigger market as there are plenty of choices for eCommerce platforms. Starting as a private limited company in the UK comes at a low price too. However, without the financial […] - [Cost Of Living Payments To Start From 14 July ](https://legendfinancial.co.uk/cost-of-living-payments-to-start-from-14-july/): The UK is currently seeing its worst cost of living crisis for decades, with inflation at a 40-year high and wages decreasing. The Chancellor reported the crisis living cost support last month, saying £5 billion of the bundle would be paid for by a duty on the benefits of oil and gas goliaths. Around £10 […] - [11 Reasons Why You Should Hire An Accountant For Online Businesses ](https://legendfinancial.co.uk/11-reasons-why-you-should-hire-an-accountant-for-online-businesses/): Contents Accounting is a seriously intricate undertaking, and you want experts to manage it. Your business will possibly prosper when every one of the financial perspectives are dealt with properly. Employing an accountant is an unquestionable requirement for your business if you have never done such, and for this reason we have compiled this guide […] - [Support for Energy Bills in the UK  ](https://legendfinancial.co.uk/support-for-energy-bills-in-the-uk/): To tackle the rising energy costs that skyrocketed the price of living in the UK, the government has announced on the third of February a package of support in various schemes—energy bills discount, Council Tax rebate, and discretionary funding—worth £9.1 billion for the financial year 2022-23. This energy bill support is a huge help to […] - [Long Awaited Windfall Tax ](https://legendfinancial.co.uk/long-awaited-windfall-tax/): Due to the high increase in global oil and gas prices, the inflation rate in the UK is running at 9%. The public authority has gone under strain to offer more monetary help for families confronting a living cost increase. One idea was to introduce a one-off tax on the ‘windfall’ profits of oil and […] - [Income Tax on State Pension](https://legendfinancial.co.uk/income-tax-on-state-pension/): Contents In 1908 the initial state pension was presented to the United Kingdom. Social Government’s monetary help brought this concept, and it is ongoing till now, with people of all ages receiving some form of state pension. Finally, in the counting period, the state’s retirees got a yearly £97 billion, with Government retirement pension installments […] - [Inflation is Breaking the Records](https://legendfinancial.co.uk/inflation-is-breaking-the-records/): According to the Office for National Statistics, the United Kingdom’s consumer increase in price reached 7% last month, exceeding economists’ prognostications for the sixth month in a row. Last month, inflation in the United Kingdom reached a 30-year high, putting pressure on Chancellor Rishi Sunak to declare more support for families in his Spring Statement.  […] - [Prioritizing Debt Reduction: Rishi Sunak's Spring Statement 2022](https://legendfinancial.co.uk/prioritizing-debt-reduction-rishi-sunaks-spring-statement-2022/): Inflation has kept expanding by 8 percent at rates not found in many years since the October 2021 Spending Review. Subsequently, Legend Financial assesses that the NHS financial plan is currently anticipated to develop by 3.6 percent each year, contrasted with 4.1 percent in October. Affecting the NHS’s capacity to meet effectiveness targets and diminish […] - [Tips on Cash Flow Forecasting For eCommerce](https://legendfinancial.co.uk/tips-on-cash-flow-forecasting-for-ecommerce/): Contents E-commerce business is a robust business – cash moves quickly, and measurements change day by day. An e-commerce business can be unusual (irregular deals, issues with supply or conveyance), the monetary wellbeing of your business varies! Furthermore, a portion of those changes is unsurprising, for example, big deals before winter occasions versus slow mid-year […] - [The Ultimate Guide You Need to Have for Your eCommerce Accounting](https://legendfinancial.co.uk/the-ultimate-guide-you-need-to-have-for-your-ecommerce-accounting/): Contents At the point when you’re simply getting your E-Commerce business going, monitoring your funds can be somewhat of a bad dream. In the event that you haven’t needed to do any accounting previously and this is the primary business you’ve overseen, it can feel overpowering when you first investigate all that you really want […] - [How To Avoid Capital Gains Tax on Buy-To-Let Property](https://legendfinancial.co.uk/how-to-avoid-capital-gains-tax-on-buy-to-let-property/): Contents For most people, buying a house is the most significant and proudest purchase of your life. All of the meticulous measures you took—innumerable property visits, contract dealings and examinations – to show up at the fantasy of homeownership. With house prices at an all-time high, many people are seeing this as an ideal opportunity […] - [Tax Planning | Here Are the Steps on How to Do It](https://legendfinancial.co.uk/tax-planning-here-are-the-steps-on-how-to-do-it/): Contents The United Kingdom has a complex and constantly changing tax system. Numerous tax reliefs and provisions are available to reduce tax liabilities legitimately without entering the more difficult territory of tax avoidance. The tax system has become so complicated over time that it has burdened tax payers with a barrage of responsibilities. With so […] - [Capital Allowance on Furnished Holiday Let](https://legendfinancial.co.uk/capital-allowance-on-furnished-holiday-let/): Contents The furnished holiday let, also known as an FHL, is referred to in the UK as a rental property. This classification provides certain tax benefits for holiday home tenants. “You can apply for a capital allowance on a Furnished Holiday Let property on its availability of current inventory, and furniture status.” This means that […] - [Construction VAT Rates](https://legendfinancial.co.uk/construction-vat-rates/): Contents One of the more convoluted aspects of VAT is the treatment of construction work in the construction industry. The construction VAT rates for new structures is charged at the zero rate of VAT, given that the building is to be used for a social reason: in actuality, this implies that construction services for the […] - [VAT Registration: What Is It and Why You Need To](https://legendfinancial.co.uk/vat-registration-what-is-it-and-why-you-need-to/): Contents VAT is often much simpler than it is generally portrayed, but this does not mean it should be taken lightly. The standard method of paying VAT is known as the Standard Rate Scheme. However, HMRC offers multiple alternate schemes, such as the Flat Rate Scheme, the Cash Accounting Scheme, and the Annual Accounting Scheme, […] - [Corporation Tax Return | A Step-by-step Guide on How to Do It](https://legendfinancial.co.uk/corporation-tax-return-a-step-by-step-guide-on-how-to-do-it/): Contents Corporation Tax is paid on any taxable profits that your organization has. You’ll have to make good on Corporation tax if you set up as a limited company, charity, affiliation, or society. Consider it identical to income tax. Corporation Tax is an income tax for organizations. However, the thing that matters is that companies […] - [VAT Exemptions | When not to charge VAT](https://legendfinancial.co.uk/vat-exemptions-when-not-to-charge-vat/): Contents When most items or services are sold, VAT is added to the original deal cost, ordinarily at a pace of 20%. Be that as it may, certain items and services are exempt from VAT. Products and services that are excluded are viewed as fundamental, as you can see from the rundown beneath. If your […] - [Corporation Tax Reliefs and Penalties, You Should Be Aware Of](https://legendfinancial.co.uk/corporation-tax-reliefs-and-penalties-you-should-be-aware-of/): Contents Corporation tax is the principal charge that a limited company or enterprise should pay. Corporation tax should be paid both on the company’s profits and any increases from selling resources that have expanded in esteem. Sole dealers and associations don’t settle for corporation tax; however, they instead cover income tax (on business benefits) and […] - [Easy Guide for Beginners on How to Pay Corporation Tax](https://legendfinancial.co.uk/easy-guide-for-beginners-on-how-to-pay-corporation-tax/): Contents A direct tax collected as a source of income from business entities by the government is referred to corporate/corporation tax. Corporation tax is indicted in reverence of accounting periods, and a period of accounting (12 months) is the one a company prepares its accounts for. It occurs when a company either commences or ceases […] - [Coronavirus Job Retention Scheme (CJRS) | Latest Updates](https://legendfinancial.co.uk/coronavirus-job-retention-scheme-cjrs-latest-updates/): “The UK government introduced Coronavirus Job Retention Scheme to help the employees during the COVID-19 pandemic.” CJRS implies that an employer should give eighty per cent of the staff wage or employment cost per month for the time not worked in actual. It can be claimed by the end of September, 2021. The grant amount […] - [How much is Capital Gains Tax on Property](https://legendfinancial.co.uk/how-much-is-capital-gains-tax-on-property/): CGT can be an intimidating subject to understand. CGT was first introduced in 1965. Until then capital gains were not subject to tax. - [Claiming Back VAT](https://legendfinancial.co.uk/claiming-back-vat/): Is there any way for claiming back VAT? Imagine you are paying VAT on different goods and services but you have no awareness about how to claim the VAT back! Then you are at a loss. So let’s go through some basic details. - [VAT Reverse Charge: Important Updates Contractors and Subcontractors Need To Know](https://legendfinancial.co.uk/vat-reverse-charge-important-updates-contractors-and-subcontractors-need-to-know/): All of the items that are either purchased or on sale have a specific amount of tax on them. This tax may be called VAT. - [Inheritance Tax Planning: 10 Strategies You Can Follow](https://legendfinancial.co.uk/inheritance-tax-planning-10-strategies-you-can-follow/): Contents You might have frequently heard this question, “Where do you see yourself in the next five to ten years?” Everyone usually has a long list of goals to deliver, but what if you don’t have the chance to live for the next years? What are your strategies then, money-wise, as life is too uncertain? […] - [Updated UK Tax Budget 2021](https://legendfinancial.co.uk/updated-uk-tax-budget-2021/): The Forlough scheme/CJRS will be extended until the end of September. After July, businesses will be asked for a 10% contribution, rising to 20% in August and September 2021. - [Inheritance Tax: 10 Most Commonly Asked Questions ](https://legendfinancial.co.uk/inheritance-tax-10-most-commonly-asked-questions/): Contents A loved one’s death incurs costs not only for funeral services but also for Inheritance Tax (IHT). The latest survey says that 3.9% of UK death resulted in an IHT charge amounting to £ 5.2 million. What most people don’t know is that they can actually plan their IHT, which could result in a […] - [Tax Advice for Landlords in the UK: All You Need to Know](https://legendfinancial.co.uk/tax-advice-for-landlords/): Contents At every point of property ownership, landlords have several tax obligations—when they bought the property, rent out for profits, and sell. Below is a comprehensive tax advice for landlords UK, most especially on how they can be tax-efficient and compliant at the same time.   Know Your Tax Obligations  Landlords pay the following taxes at […] - [How to Get P45 Form: Guide for PAYE Workers ](https://legendfinancial.co.uk/how-to-get-p45-form/): Contents Pay-as-You-Earn (PAYE) workers need the P45 form when they start their first job or leave an old role for another. The form basically passes their tax and payroll information to their new employer. Read on for more information about how to get P45 UK, what the form is for, and other relevant details an […] - [What Are Management Accounts UK: All You Need to Know ](https://legendfinancial.co.uk/what-are-management-accounts/): Contents Not all accounting practices are solely for government compliance, such as management accounts. Unlike statutory accounts, they are optional and tailored to specific business needs, going beyond figures and formality.   What are management accounts UK? This article serves as a simplified guide for small business owners about these accounts, the whys and hows, and […] - [How to Pay Corporation Tax Online for Small Businesses](https://legendfinancial.co.uk/how-to-pay-corporation-tax-online/): Contents Late payment of corporation tax and other taxes attract additional interest. Starting August 2023, the late payment interest rate rose to 7.75%. HMRC, on the other hand, incentivises early payment by 0.5%. It is crucial for businesses to promptly pay corporation tax to avoid interest.  This article gives a quick introduction to UK business tax, covering […] - [What Is Double Taxation? Reliefs & List of Countries on Treaty ](https://legendfinancial.co.uk/what-is-double-taxation/): Contents Double taxation treaties clarify cross-border taxation systems and primarily exist to prevent an individual from being taxed twice in two states and mitigate tax evasion. A clear treaty on which country has the right to tax establishes a fair international tax and business treatment. Other double taxation relief applies, too, if the country is […] - [What Is the Higher Rate Percent of 40 Tax Bracket 2024?](https://legendfinancial.co.uk/40-tax-bracket/): Contents With the personal allowance and additional rate thresholds staying frozen until 2028, the Institute for Fiscal Studies (IFS) forecasts that approximately 2.1 million more taxpayers in the UK will be pushed to higher rate percent of 40 tax bracket and additional rate around the concluding year of the freeze.  Whilst pay increases or bonuses are […] - [Are Financial Advisor Fees Tax Deductible in UK?](https://legendfinancial.co.uk/are-financial-advisor-fees-tax-deductible/): Contents Are financial advisor fees tax deductible in UK? This and other self-employed expenses are discussed in this article, covering which expenditures are tax deductible and not and other relevant questions about allowable business expenses.  Are Financial Advisor Fees Tax Deductible 2024?  Any running costs that are wholly and exclusively used for the business are […] - [Income Tax Rates 2024/25: All Changes Explained](https://legendfinancial.co.uk/income-tax-rates/): Contents Since April 2022, the UK income tax rates 2024/25 threshold has stayed frozen, with the next increase expected in April 2028. Read on for more information about the current UK income tax rates, Scotland’s separate tax system, and other relevant details.   Income Tax Rates England  The England, Wales, and Northern Ireland have three tax […] - [How to Find Accountant in Manchester for Small Businesses ](https://legendfinancial.co.uk/how-to-find-accountant-in-manchester/): Contents Running a small business involves juggling several tasks at once, which makes it especially easy for small startups to overlook their financial health. Hiring dedicated accountants will make a huge difference to their finances and growth if they employ the right ones.  Accounting services come with a fee, but their benefits do not equate […] - [How to Claim Marriage Allowance UK | For Married & Civil Partners [Latest]](https://legendfinancial.co.uk/how-to-claim-marriage-allowance/): Contents Marriage allowance offers married or civil partners tax savings of up to £252 for the 2024/25 tax year. This article provides a comprehensive introduction to this ‘transferable tax allowance,’ how to claim marriage allowance according to the couple’s circumstances, and other forms of tax breaks married partners may take advantage of.  What Is Marriage […] - [How to Reclaim VAT [Overpayment, Bad Debt, & New Build]  ](https://legendfinancial.co.uk/how-to-reclaim-vat/): Contents VAT-registered businesses pay input VAT on their purchased goods and services, which they can reclaim afterwards. Normally, they claim a VAT refund on their business expenses, even overpayments. However, with the intricate VAT regulations, reliefs and special considerations exist that allow taxpayers to reclaim VAT outside the normal basis, such as when they face bad […] - [Digital Service for Voluntary NICs: Check Your State Pension](https://legendfinancial.co.uk/check-your-state-pension/): The government recently launched a new digital service called Check Your State Pension forecast, a joint service between the Department for Work and Pensions (DWP) and HMRC, which handle the State Pension and National Insurance, respectively.  The new digital service enables citizens to address gaps in their National Insurance (NI) contributions, which can affect their […] - [Non-Dom Regime Abolition: Are Non-Doms Fleeing the UK? ](https://legendfinancial.co.uk/non-dom-regime-abolition-are-non-doms-fleeing-the-uk/): The non-dom tax status regime is set to be abolished by 6 April 2025, surprising many wealthy non-domiciled people with the speedy implementation. More commonly referred to as non-doms, these individuals live in the UK but are not permanently settled. This regime, which had been in place for 225 years since 1799, gave them a […] - [Your Complete Guide CIS Payment and Deduction Statements (2024)](https://legendfinancial.co.uk/cis-payment-and-deduction-statements-a-complete-guide/): Contents HM Revenue and Customs implemented the Construction Industry Scheme (CIS) to make paying taxes fair for both employed and self-employed individuals, ensuring that the self-employed construction workers comply with their CIS tax obligations. It has also effectively helped the UK tax authority to reduce the cases of tax evasion in the construction industry.  If […] - [UK Minimum Wage 2024: New Rates & How to Check Your Pay](https://legendfinancial.co.uk/uk-minimum-wage/): Contents The Autumn Statement 2023 announced an increase in the UK minimum wage 2024 for all four wage categories. Changes in minimum pay always begin in April, as per the UK’s fiscal year.   This article covers the UK minimum wage system, wage increases in 2024, employers’ responsibilities, how employees can check if they are paid right, […] - [How to Avoid Paying Tax on Your Pension ](https://legendfinancial.co.uk/how-to-avoid-paying-tax-on-your-pension/): Contents Since pension income is considered an ordinary income, it is taxed. The rule of thumb is to withdraw only within the annual income tax threshold. Any amount beyond that will incur taxes. However, this is not always the case. Many retirees find themselves paying unnecessary taxes they could have prevented if obtaining pension income […] - [Making Tax Digital (MTD) to Go Live Testing on 22 April [Latest]](https://legendfinancial.co.uk/making-tax-digital-april/): On 22 April, HMRC will initiate the pilot phase of Making Tax Digital (MTD) for income tax self-assessment. Craig Ogilvie, Director of MTD, has reached out to agents, informing them of the upcoming opportunity to enroll in testing. The live testing aims to ensure the service meets the needs of agents and their clients.  HMRC […] - [Complete Guide to HMRC Digital Disclosure Service (DDS) 2024](https://legendfinancial.co.uk/hmrc-digital-disclosure-service/): Contents The latest HMRC Digital Disclosure Service (DDS) is accessible to everyone who wants to straighten their tax affairs. This is to encourage all taxpayers to voluntarily disclose their income and tax liabilities.   This article covers the latest digital disclosure service HMRC introduced, including the process of disclosure, penalties, taxpayers’ rights when dealing with the […] - [Capital Allowances on Property Investment: All You Need to Know in 2024](https://legendfinancial.co.uk/capital-allowances-on-property/): Contents Capital allowances on property come in several types, each with dynamic and intricate rules. These allowances are not automatic and must always be claimed via tax return. Many commercial property and holiday let owners in the UK may be unaware that they can claim tax relief on their property investments or, if they do, how […] - [Government Gateway Rolled Out in May 2024 for GOV.UK One Login ](https://legendfinancial.co.uk/gov-uk-one-login/): Starting from Spring 2024 in May, taxpayers accessing HMRC’s online services for the first time will need to create a GOV.UK One Login account instead of the traditional Government Gateway. Existing users with a Government Gateway account will continue to access HMRC services as usual but will eventually transition to GOV.UK One Login later.   This […] - [CIS Calculator for Subcontractor’s Tax Deductions and Rebate ](https://legendfinancial.co.uk/cis-calculator/): Contents How much taxes a subcontractor pays depends on whether they are CIS and/or VAT registered. Our CIS calculator for tax deductions and rebates will prove essential in the calculation process. Rebates, most especially, should not be ignored, as they can reach around £2,000 for an average subcontractor.   A Brief Guide to CIS Tax   […] - [Non-Resident Landlords Guide 2024: Tax on Rental Income UK Calculator](https://legendfinancial.co.uk/tax-on-rental-income-uk-calculator/): Contents HMRC automatically class UK people who lived abroad for more than six months in a year as non-resident landlords, even if they are considered UK residents for tax purposes. Currently, there are plenty of Brits abroad who continue to earn from their UK rental property to support themselves in another country.  This article provides […] - [Corporation Tax Calculator UK: Calculate Your Taxable Income](https://legendfinancial.co.uk/corporation-tax-calculator-uk/): Contents HMRC incentivises early payment by paying companies a 0.5 per cent interest rate on their total company tax bill. To take advantage of this incentive and avoid any late filing or payment penalty, calculate corporation tax earlier. Use our corporation tax calculator UK below.   A Brief Guide to Corporation Tax  All limited companies pay […] - [What Will the Spring Budget 2024 Mean to You? ](https://legendfinancial.co.uk/what-will-the-spring-budget-2024-mean-to-you/): Last 6 March 2024, the chancellor announced the details of the latest Spring Budget. Here are how the Budget announcements could affect different aspects of individual taxpayers and businesses’ finances:  For Workers  Employee’s NI contributions will decrease by 2p, from 10% to 8% starting in April, following the 2p cut announced in the last Autumn […] - [Inheritance Tax Calculator UK: Calculate & Reduce IHT Bill ](https://legendfinancial.co.uk/inheritance-tax-calculator-uk/): Contents Inheritance tax applies to the taxable portion of the estate and is charged at a standard 40%. With the right IHT planning, gifting millions of pounds worth of estate can be tax-free. Calculating potential IHT charge earlier makes this possible, helping individuals become more aware of their tax implications, employ all applicable means to […] - [Capital Gains Tax Calculator on UK Property & Asset Sales ](https://legendfinancial.co.uk/capital-gains-tax-calculator/): Contents Capital gains taxes are paid on profits generated from asset sales or transfers in the UK once the annual allowance is exceeded. Rates depend on the kind of asset sold and other factors. This article provides a quick guide to CGT and an easy-to-use capital gains tax calculator UK.  Quick Introduction to Capital Gains  […] - [Spring Budget 2024: Major Take-Aways ](https://legendfinancial.co.uk/spring-budget-2024-major-take-aways/): Chancellor Jeremy Hunt has presented the details for the Spring Budget in the House of Commons, the last scheduled before the anticipated general election later this year. The speech covers a lot of grounds. Here is a roundup:  Tax Measures and Income Support  National Insurance rates reduced by 2 per cent for both employed and […] - [Stamp Duty Land Tax Calculator UK ](https://legendfinancial.co.uk/stamp-duty-land-tax-calculator-uk/): Contents Stamp duty tax rates vary in England and Northern Ireland, Scotland, and Wales. This article focuses on UK stamp duty rates for non-residential properties, which differ from residential investments. It also features SDLT calculator for companies and individual property owners.   Quick Introduction to Stamp Duty  England and Northern Ireland’s stamp duty is called Stamp […] - [A Glimpse at Spring Budget 2024: Will There Be Tax Giveaways? News](https://legendfinancial.co.uk/a-glimpse-at-spring-budget-2024-will-there-be-tax-giveaways/): Despite the Institute for Fiscal Studies’ warnings against tax cuts without clear funding sources and the increasing economic pressure on the government, Chancellor Jeremy Hunt is expected to announce tax cuts in his upcoming Spring Budget.   Chancellor Hunt has not yet confirmed tax cuts, citing less ‘wiggle room’ to manoeuvre compared to the previous year. […] - [Companies Getting Prompts from HMRC to Review AIA Claims ](https://legendfinancial.co.uk/aia-claims/): HMRC is currently scrutinising companies’ claims on annual investment allowance (AIA), which is subject to an annual limit of £1,000,000 from 2019. AIA is a form of capital allowance that provides relief to businesses on their plant and machinery investments up to the maximum annual amount. The maximum amount may differ according to the company’s […] - [One to Many Prompt Disclosure on Sale of Shares for CGT](https://legendfinancial.co.uk/disclosure-on-sale-of-shares/): HMRC issues another one-to-many letters to corporations and individuals; this time, on unreported shares disposal income for capital gain tax purposes (CGT). The letter outlines what ‘disposal’ in the context of CGT means, when taxpayers are not subject to this tax, and to voluntarily disclose their sale on shares, if any. HMRC sends two versions […] - [HMRC’s Latest 'Prompt’ Letters on Undeclared Dividend Income 2024](https://legendfinancial.co.uk/letters-on-undeclared-dividend-income/): Beginning 4 February 2024, HMRC has been distributing one-to-many letters specifically targeted at suspected company directors, prompting them to disclose their potentially unreported dividend profits. HMRC’s suspicions were triggered by a sharp drop in the company’s profit and loss account reserves despite income records. To HMRC, this might mean they received dividends but did not […] - [Jeremy Hunt Warned Against Another Tax Cut in March Budget [2024]](https://legendfinancial.co.uk/another-tax-cut-in-march/): Seeing more ‘headroom’ to wiggle for tax cuts, Chancellor Jeremy Hunt is set on giving ‘crowd-pleasing measures’ before the general election, which may potentially allot a 1 per cent reduction in income tax. Whilst some economists support this plan, the International Monetary Fund (IMF) issued a stern warning against it, questioning the feasibility of anticipated […] - [Side Hustle Clampdown: How to Avoid Tax Investigation](https://legendfinancial.co.uk/how-to-avoid-tax-investigation/): Beginning January 2024, HMRC is stringently clamping down taxes on side hustle incomes to prevent tax evasion through the new data-sharing rules. The new tax laws require digital platforms based overseas to disclose their users’ bank information. Many people, from casual Deliveroo riders to Airbnb holiday rentors, may be taxed.    This article explores the […] - [Sharp Fall in Government Debt May Mean More Room for Tax Cuts  ](https://legendfinancial.co.uk/government-debt-may-mean-more-room/): Chancellor Jeremy Hunt hopes to implement further tax cuts before this year’s general election believing it is the shortcut way to enhance the UK economy, which may be announced in Hunt’s March budget 2024.  This ‘crowd-pleasing measure’ may be possible as the UK government borrowing in December showed to be much lower than the projected £14 billion […] - [New Data-Sharing Rules to Clampdown Tax on Side Hustle Income [Latest News]](https://legendfinancial.co.uk/clampdown-tax/): People who earn income from ‘side hustles’ will be taxed beginning January 2024. The UK signed up to the Organisation for Economic Cooperation and Development’s (OECD) regulations on data sharing, joining 27 other countries and jurisdictions in a global effort to prevent tax fraudulence and evasion. The cause is currently budgeted at approximately £37m.  With […] - [HMRC One to Many Letters on Landlords’ Tax Relief Claims](https://legendfinancial.co.uk/one-to-many-letters-on-landlords/): Contents HMRC sends one to many letters to different taxpayer groups or agents for various purposes, with content ranging from pure information to prompts. UK landlords are HMRC’s latest targets. This article simplifies all that landlords need to know about the HMRC one to many letters they have received and what they need to do […] - [Let Property Campaign: A Complete Guide for UK Landlords [Updated]](https://legendfinancial.co.uk/let-property-campaign-important-points-landlords-need-to-know/): Let Property Campaign Accountant near me HMRC had been clawing back billions from many unreported rental incomes through the Let Property Campaign. If you earn from letting your property, do not wait for HMRC to send you a nudge letter. If you disclose your income before HMRC gives you a prompt, you will have far […] - [National Insurance Tax Cut on 6 January and What It Means [Updated]](https://legendfinancial.co.uk/national-insurance-tax/): Last 6 January, the 2p Class 1 National Insurance (NI) tax cut took effect, benefiting 27 million taxpayers in the UK, as announced in the previous year’s Autumn Statement. Prime Minister Rishi Sunak claims that this NI tax cut from 12p to 10p will mean an almost £1,000 savings for the 2024/25 tax year in […] - [HMRC One to Many Letters on Landlords’ Tax Relief Claims](https://legendfinancial.co.uk/one-to-many-letters/): HMRC sends one to many letters to different taxpayer groups or agents for various purposes, with content ranging from pure information to prompts. UK landlords are HMRC’s latest targets. This article simplifies all that landlords need to know about the HMRC one to many letters they have received and what they need to do next. […] - [Huge Tax Changes to Navigate in 2024](https://legendfinancial.co.uk/huge-tax-changes-to-navigate/): A lot of tax changes are to take effect this year, calling for major tax planning and preparation for both individuals and businesses. Businesses most especially will need their tax and legal structures reevaluated and adjusted by their accountants. To recall, these are the changes to prepare for this year in the UK: Income Tax  […] - [UK to Launch Adjusted Decarbonisation Effort in 2027](https://legendfinancial.co.uk/uk-to-launch-adjusted-decarbonisation/): The UK government announced last week Monday that Carbon Border Adjustment Mechanism (CBAM) will be officially implemented in 2027, which will include aluminium, cement, ceramics, fertiliser, glass, hydrogen, iron, and steel in the levied list for carbon emissions. The decision aligns with the government’s response to a recent consultation on carbon leakage risk and decarbonisation […] - [Scotland’s New Tax Band to Heavily Affect High Earners ](https://legendfinancial.co.uk/scotlands-new-tax-band/): Contents Scotland’s deputy first minister and finance secretary Shona Robison announced on Tuesday the Scottish Budget Statement at Holyrood, which highlighted the new advanced rate of 45% to protect public services. This new tax band will take effect by 1 April 2024. Scotland will have six income tax bands in all, whilst the rest in […] - [Multinational Giants Face Another UK Tax Avoidance Accusations](https://legendfinancial.co.uk/uk-tax-avoidance/): Contents HMRC’s tax avoidance suspicions toward huge multinational companies will be recurring, as long as lack of tax treatment transparency remains. TaxWatch’s latest scrutiny shows that the UK has a total missing revenue of £11.5bn in 2023, added on top of previous years’ underpaid amounts. This is not the first accusation made, as missing revenues […] - [UK to Implement a New Migration Package| Glimpse of Spring 2024](https://legendfinancial.co.uk/migration-package/): Contents Interior Minister James Cleverly announced on Monday new measures for immigrants, which is to take effect from next year’s Spring Statement, aimed at cutting net migration. The Office for National Statistics (ONS) stated that the net migration had hit a record of 745,000 in 2022, offset by 557,000 emigrants.   The statistics contradicted Prime Minister […] - [Tax Rate on Pension Income UK 2024](https://legendfinancial.co.uk/tax-rate-on-pension-income/): Contents Setting up pension pots is one of the most tax-efficient ways to earn a steady retirement income. State pension savings, for example, can be withdrawn at the age of 66 and onward. There are some other pension schemes to choose from aside from state pension, including workplace pension and private pension.   Pension savings are […] - [Construction Industry Scheme: Contractors & Subcontractors' Guide](https://legendfinancial.co.uk/cis-guide-contractors-subcontractors-in-the-construction-industry/): Contents The Pay as You Earn (PAYE) and Construction Industry Scheme CIS systems deal with taxes in a parallel manner. Employees pay taxes through PAYE, whilst self employed individuals in the construction sector pay through CIS self assessment.   This article covers everything both contractors and subcontractors need to know about the Construction Industry Scheme, including […] - [Tips to Reduce Income Tax on Investments ](https://legendfinancial.co.uk/tips-to-reduce-income-tax-on-investments/): Contents When it comes to investing, tax efficiency is everything given that tax fees largely affect how much profits investors will get when the investment and savings mature. UK individuals and businesses need to pay income tax, inheritance tax, stamp duty reserve tax (SDRT), or capital gains tax (CGT) on investments, but fortunately, they have […] - [Tax Relief for Your Pension Contribution: How It Works](https://legendfinancial.co.uk/tax-relief-for-your-pension-contribution/): Contents Setting up a pension scheme is one of the quickest ways to get tax relief on your annual income. The annual allowance tax relief for your pension contribution varies when you make a pension contribution and pay tax in Scotland. This article is your guide to tax relief on pension contribution, how to get […] - [Autumn Statement 2023 Key Points and OBR Forecasts  ](https://legendfinancial.co.uk/autumn-statement-2023-key-points-and-obr-forecasts/): On 22 November 2023, Chancellor of Exchequer Jeremy Hunt announced the Autumn Statement for the year, alongside the Office for Budget Responsibility’s (OBR) economic forecasts. The statement lays out tax and wage reforms and spending plans with three priorities: to halve inflation, boost the economy, and curb debts. Here are the key points: National Insurance (NI)  […] - [Everything You Should Know About eCommerce VAT  ](https://legendfinancial.co.uk/everything-you-should-know-about-ecommerce-vat/): Contents Familiarising tax legislation relevant to their business is certainly a must for eCommerce suppliers. One kind of tax both physical and e-retailers need to take care of is the value added tax (VAT) regardless of which market they belong to, whether business to consumer (B2C) or business-to-business (B2B).  Online merchants need to understand and […] - [Importance of Accounting for Your eCommerce Business ](https://legendfinancial.co.uk/importance-of-accounting-for-your-ecommerce-business/): Contents In the last two years, shopping through the internet has undoubtedly become the most preferred form of purchase amongst customers in the UK, just as it is anywhere in the world nowadays. This paved the route for plenty of merchants gaining an interest in building an eCommerce business platform and start selling their merchandise […] - [Self Employed Accounting Software: Top Selections in 2023](https://legendfinancial.co.uk/8-best-self-employed-accounting-software/): Contents With all the hats you wear when running your business, it’s normal for your finances to occasionally fall by the wayside, but no one wants to deal with the consequences. So, before we plunge into knowing the best self employed accounting software, be familiar with their essential functions first.  Accounting software is made to […] - [Ecommerce Bookkeeping: 8 Tips for Self-Employed Beginners](https://legendfinancial.co.uk/ecommerce-bookkeeping/): Contents Bookkeeping tasks are essential for successful day-to-day operations of any ecommerce business. It deals with everyday transactions such as recording, stockpiling, recovery of bookkeeping records, inventory management, and more. The more significant part occurs through cutting-edge cash flow management software, making it more straightforward to oversee and access real-time information.  Considering the importance of […] - [Accountants for eCommerce: How to Pick the Best for Your Business](https://legendfinancial.co.uk/how-to-choose-the-right-accountants-for-e-commerce-business/): Contents Ecommerce accounting services are not just all about bookkeeping and tax advice but also making strategies for business growth. Numerous ecommerce sellers handle their financial and tax department without a solid ecommerce accounting background, jeopardising the firm in the long run. Ecommerce platform niche is competitive, and if you want to get ahead in […] - [What Happens When You Can't Pay Bounce Back Loan](https://legendfinancial.co.uk/bounce-back-loan/): Contents The bounce back loan scheme (BBLS) was a government lending support initiative for businesses struggling financially at the height of the pandemic. For the first 12 months, borrowers were not obliged to pay any capital or interest on their loans—the government took care of the interest payments throughout this period.  However, it was just […] - [Bounce Back Loan Extension Under the Pay as You Grow Scheme ](https://legendfinancial.co.uk/bounce-back-loan-extension-under-the-pay-as-you-grow-scheme/): Contents Now that the Bounce Back Loan Scheme and repayments are due, the Pay as You Grow scheme comes to the rescue. Implemented as a government lending support for businesses during the COVID-19 financial crisis in 2020, BBLS loans and top-up applications have since closed, and lenders are now collecting repayments. Even with the 12-month […] - [What Being a Sole Trader Means: Their Roles & Liabilities](https://legendfinancial.co.uk/sole-trader-who-are-they-and-what-are-their-responsibilities/): Contents In the UK, there are currently 50 per cent of self-employed individuals running their sole trader business, enjoying the freedom and autonomy that sole proprietorship allows. Most of these solopreneurs don’t even have any employees at all.  This article will serve as a comprehensive guide for people operating under sole proprietorship amongst other business […] - [CIS Invoice Template | Types of Invoices in the Construction Industry](https://legendfinancial.co.uk/cis-invoice-template/): CIS invoice templates ensure that construction workers comply with the Construction Industry Scheme tax requirements in their invoicing. This article tackles all about CIS invoice templates, particularly the most commonly used ones in the UK construction industry, when they should be used, what to fill out, the best practices when making an invoice, and most […] - [Caught in the Accidental Landlord Setup? Here’s Your Next Move!](https://legendfinancial.co.uk/becoming-an-accidental-landlord-all-you-need-to-do-next/): Contents Approximately 30 per cent of landlords in the UK found themselves pursuing the letting business not by plan but by circumstance. These people are called “accidental landlords” who will then have to grapple their way to new responsibilities being in this position, from switching to a new mortgage set-up to dealing with tax and […] - [CJRS Issue on Overclaimed Funds: Complete Guide for Employers](https://legendfinancial.co.uk/cjrs-current-issue-overclaimed-funds/): Contents Given the government’s quick need to provide wage support measures for the employer, trade union on a collective agreement, and furloughed employee impacted by the unforeseen COVID-19 pandemic, the pace for introducing the Coronavirus Job Retention Scheme (CJRS) was in a rush and at such a moment of crisis, was updated between short spans of […] - [UK Unemployment Rate Rose to 3.9% ](https://legendfinancial.co.uk/uk-unemployment-rate-rose-to-3-9/): The decline in payroll figures showed an increasing unemployment rate to 3.9% for the first time in two years. There are clear indications of reduced demand for labour, as evidenced by a drop of 136,000 employees between March and April. This decrease in the number of workers on UK employers’ payrolls reflects the impact of […] - [First-Time UK Buyers Have Seen Increase in Mortgage Costs Since Last Year ](https://legendfinancial.co.uk/first-time-uk-buyers-have-seen-increase-in-mortgage-costs-since-last-year/): Recent data from Rightmove shows that new first-time buyers in the UK are paying nearly £200 more per month on their mortgages than they did a year ago due to higher home loan rates and record asking prices for properties. This indicates challenging conditions for those trying to enter the housing market, as house prices […] - [Tax on Investment Income: An Introduction to Your Liabilities ](https://legendfinancial.co.uk/tax-on-investment-income-a-simple-guide/): Contents Have you earned income from investments, received savings interest, or collected dividends? These are all interconnected ways your money can grow. But did you know that tax on investment income applies to these earnings in the UK? This guide will break down what you need to know about your tax liabilities. By understanding the […] - [UK Supermarkets Face Profiteering Probe Amidst Soaring Inflation](https://legendfinancial.co.uk/uk-supermarkets-face-profiteering-probe-amidst-soaring-inflation/): Amidst the current cost of living crisis, Britain’s largest supermarkets are facing calls for an investigation by the UK’s competition watchdog over claims of profiteering. In April, food price inflation reached a record high, which added pressure on households throughout the country. The leader of the Liberal Democrats, Ed Davey, has urged the Competition and […] - [Sunak Mulls Inheritance Tax Cut Ahead of General Election](https://legendfinancial.co.uk/sunak-mulls-inheritance-tax-cut-ahead-of-general-election/): Before the upcoming general election, Prime Minister Rishi Sunak is considering lowering the country’s inheritance tax, citing people familiar with the situation. Sunak was enthusiastic about the notion whilst he was the Chancellor of the Exchequer under Boris Johnson. However, legislative recommendations have yet to be made public. The rising tax burden right at postwar […] - [Revised Charitable Reliefs to Support UK Philanthropy ](https://legendfinancial.co.uk/revised-charitable-reliefs-to-support-uk-philanthropy/): The government has altered charitable relief regulations to support the UK’s philanthropic sector. This legislation changes particular goals, the new limitations and specifications for charities and (Charities and Community Amateur Sports Clubs) CASCs, and the effects these adjustments will have on the sector. This policy revision’s main goals are to direct tax reliefs to charities […] - [Submit & Modify P11D & P11D (b) Online in 2023 ](https://legendfinancial.co.uk/submit-modify-p11d-p11d-b-online-in-2023/): Employers must submit and modify forms P11D and P11D (b) online, except for those digitally excluded. Forms P11D and P11D (b) on original or amended paper will be disregarded. Employers should submit the P11D “before 7 July” yearly under Regulation 85 of The Income Tax (Pay as You Earn) Regulations 2003. This corresponds to the […] - [UK Government to Allay Windfall Tax to Oil and Gas Sector ](https://legendfinancial.co.uk/uk-government-to-allay-windfall-tax-to-oil-and-gas-sector/): The UK government is projected to present significant tax relief to its petrol and oil industries in the coming week. Rishi Sunak, the prime minister, asserts that this step will augment investments and the nation’s energy security. As per deal reached between the sector and politicians, energy prices will no longer be subject to the […] - [UK Chancellor Avoids Recession in Spring Budget 2023 ](https://legendfinancial.co.uk/uk-chancellor-avoids-recession-in-spring-budget-2023/): On 15 March 2023, the Chancellor of the Exchequer created the Budget with assistance from his department, the Treasury, and told the MPs that the UK economy would avoid a recession in 2023 as inflation declines from current highs. The UK Chancellor tries to fulfil three crucial government aims in the Spring Budget 2023: increase […] - [TCL Shut Down for Major Anti-Money Laundering Violations](https://legendfinancial.co.uk/tcl-shut-down-for-major-anti-money-laundering-violations/): A business that charged people a considerable amount to file claims for tax refunds without further transparency has been shut down. Once HMRC determined that Tax Credits Ltd (TCL) had engaged in major anti-money laundering violations, TCL could no longer operate as a repayment agent. TCL primarily intended their services to prevent criminals from exploiting […] - [Government Increases Rate of the National Living Wage to £10.42](https://legendfinancial.co.uk/government-increases-rate-of-the-national-living-wage-to-10-42/): The government revealed the new National Living Wage (NLW) rates that will be in effect starting in April 2023. The NLW will now be at a rate of £10.42, an increase of 92p from the previous amount. This is intended to aid employees and families in their ongoing battle against problems brought on by the […] - [Britain Unexpectedly Gains Record Tax Payment Following January ](https://legendfinancial.co.uk/britain-unexpectedly-gains-record-tax-payment-following-january/): The UK’s economic picture has become worrisome as the budget deadline draws nearer daily. Nevertheless, a glimmer of hope has been provided, which might allay some fears and position the public for a less-than-dire budget. In January, the government spent less than it received in taxes, making a surplus of £5.4 billion. This year, a […] - [For Stafford’s Poorest Households, the End of Council Tax Is Near ](https://legendfinancial.co.uk/for-staffords-poorest-households-the-end-of-council-tax-is-near/): On Thursday, 9 February, senior council members at Stafford Borough Council suggested amendments to the Local Council Tax Reduction (LCTR) programme, which would result in some families not having to pay council tax for the 2023–24 fiscal year. This month’s full council meeting will decide whether to approve the proposed reprieve for Stafford Borough families […] - [Tax Benefits for Employees on Driving an EV](https://legendfinancial.co.uk/tax-benefits-for-employees-on-driving-an-ev/): Electric cars are a more environmentally beneficial option than using a diesel or gasoline engine. Working individuals can take part in this by reducing their tax payments through a Salary Sacrifice Car Scheme, which offers several tax and personal benefits savings for the employee who pays for their electric vehicle from their gross salary before […] - [Proposed Carbon Border Tax Aims to Foster Green Steel Technologies](https://legendfinancial.co.uk/proposed-carbon-border-tax-aims-to-foster-green-steel-technologies/): As part of a £600 million support package to assist Britain’s two largest steelmakers, British Steel and Tata Steel, in investing in greener technologies and preventing the loss of thousands of jobs, the UK will propose a carbon border tax to levy imported steel. According to the Financial Times sources acquiring knowledge of the issue, […] - [UK’s R&D Tax Relief Modification; Draft Legislation](https://legendfinancial.co.uk/uks-rd-tax-relief-modification-draft-legislation/): Intending to ensure that the programme is modernised, affordable, and in better compliance, the government announced proposed legislation in July 2022 addressing significant modification to the UK’s Research and Development (R&D) tax incentives to take effect on 1 April 2023. On 20 December 2022, HMRC released a draught guidance document outlining the specifics of how […] - [Scottish Budget: Increase in Income Tax for More Prosperous Scots](https://legendfinancial.co.uk/scottish-budget-increase-in-income-tax-for-more-prosperous-scots/): Deputy First Minister John Swinney spoke about the government’s tax and spending proposals, focusing on the NHS and social security. Despite households battling a cost of the living problem, he said that Scotland’s income tax higher rate would increase from 41p to 42p, and its top rate will climb from 46p to 47p by April […] - [From 2023, Grocers Will Get a Nearly £550 Million Tax Break](https://legendfinancial.co.uk/from-2023-grocers-will-get-a-nearly-550-million-tax-break/): According to new research, UK grocers and supermarkets will receive a tax break worth about £550 million over the next three years. It comes after a revamp of the business rates system of property taxes that resulted in the revaluation of more than 500,000 retail buildings in England and Wales. According to commercial property advice […] - [Brazil and the UK Established an Agreement to Prevent Double Taxes.](https://legendfinancial.co.uk/brazil-and-the-uk-established-an-agreement-to-prevent-double-taxes/): Significant progress in bilateral trade between the UK and Brazil occurred on November 29, 2022, when they signed a Double Taxation Agreement (DTA). Due to the Agreement, both countries will no longer be taxing revenue twice.  By the tax laws of both contracting states, money obtained by or via financially transparent entities shall be recognised […] - [2023 Corporation New Tax Rate](https://legendfinancial.co.uk/2023-corporation-new-tax-rate/): On the Autumn Statement 2022, Chancellor Jeremy Hunt announced that an increase of up to 6 per cent in the corporation tax rate for companies with profits more than £250,000 will continue to take place in 2023, which means that the rate of corporation tax (CT) is set to rise variably from 19 to 25 […] - [Van Benefit Charges and Fuel Benefit Charges Are to Be Increased by April](https://legendfinancial.co.uk/van-benefit-charges-and-fuel-benefit-charges-are-to-be-increased-by-april/): The van benefit and fuel benefit data for automobiles is one of the important news for mid-December 2022. From 6 April 2023, the van fuel benefit charge and van benefit rate will increase. Sections of the Income Tax (Earnings and Pensions) Act 2003 will be amended by statutory instrument, as per HMRC, to increase the […] - [Christmas Gets More Expensive This Year as Food Inflation Hits New High](https://legendfinancial.co.uk/christmas-gets-more-expensive-this-year-as-food-inflation-hits-new-high/): Based on recent data from the trade association British Retail Consortium, meat, eggs, and milk prices increased to new records in November, a “bleak” winter for millions of households. Fresh foods saw the most price increases, with inflation climbing to 14.3% from 13.3% in October. Increases are predicted to continue into next year. As a […] - [Expanded Insulation Scheme; Households Might Save £310 Per Year](https://legendfinancial.co.uk/expanded-insulation-scheme-households-might-save-310-per-year/): The government provides an expanded programme to insulate Britain’s draughtiest homes, helping households potentially save up to £310 per year. Beginning in the spring of 2023, it will invest £1 billion on incentives for households with low energy efficiency ratings and lower council tax categories. The statement says that households need to check first whether […] - [New VAT Penalty Regime](https://legendfinancial.co.uk/new-vat-penalty-regime/): With the transition to Making Tax Digital (MTD) and the need for VAT-registered firms to file VAT returns using MTD-compliant software starting in November 2022, HMRC is implementing a new penalty system beginning in January 2023 for late or unpaid VAT returns. The new penalty system for VAT will be introduced from January 2023 rather […] - [HMRC Launches Campaign to Tackle Offshore Corporations Owning UK Property](https://legendfinancial.co.uk/hmrc-launches-campaign-to-tackle-offshore-corporations-owning-uk-property/): Beginning in November 2022, two batches of nudge letters will be distributed. These are meant to urge recipients to disclose any identified unpaid UK tax liabilities to HMRC and request a review of potential non-compliance. The Chartered Institute of Taxation (CIOT) states that HMRC will start a new campaign to address non-compliance associated with offshore […] - [Chancellor Hunt Considers Inheritance Tax to Fill Fiscal Hole](https://legendfinancial.co.uk/chancellor-hunt-considers-inheritance-tax-to-fill-fiscal-hole/): When announcing the UK government’s spending plans, Chancellor of the Exchequer Jeremy Hunt is considering obtaining extra revenue from inheritance tax to plug a £35 billion ($40 billion) fiscal hole. Since 2009, the nil rate has been fixed at £325,000, and it was supposed to stay there until 2025–2026.According to reports, Hunt is considering extending […] - [April 2024: Preparing for Digitalizing Income Tax Self-Assessment](https://legendfinancial.co.uk/april-2024-preparing-for-digitalizing-income-tax-self-assessment/): Sole traders, landlords, and other businesses earning from multiple resources or on ordinary partnerships that earn more than £10,000 annually have already been required from April this year to transition into making tax digital for income tax self-assessment (MTD for ITSA) rather than using the old HMRC website for filing tax returns, which will take […] - [New UK PM Rishi Sunak to Tackle Lingering Economic Crises](https://legendfinancial.co.uk/new-uk-pm-rishi-sunak-to-tackle-lingering-economic-crises/): Following chaotic few days after Liz Truss' resignation, Rishi Sunak is to become the new prime minister of the United Kingdom. - [New Chancellor of Exchequer Discards Almost All Tax Cuts ](https://legendfinancial.co.uk/new-chancellor-of-exchequer-discards-almost-all-tax-cuts/): The surprising moves by new finance chief Jeremy Hunt, parachuted into the job on Friday to replace sacked Kwasi Kwarteng, leaves Truss’ position in a precarious state after a series of embarrassing retreats. Chancellor of Exchequer Jeremy Hunt scrapped almost all of the debt-fuelled tax cuts it had revealed last month to prevent new market […] - [HMRC Increases Its Interest Rate on Late Payments](https://legendfinancial.co.uk/hmrc-increases-its-interest-rate-on-late-payments/): The central bank is gradually raising interest rates as Britain undergoes significant change, including a new government and monarch, to prevent high inflation from spreading over the country’s economy. The Bank of England’s nine-member rate-setting committee voting for higher hikes in the interest rate, concludes that the risks of enduring inflationary pressures outweighed the economy’s […] - [BOE To Launch A £65 Billion Emergency Bailout ](https://legendfinancial.co.uk/boe-to-launch-a-65-billion-emergency-bailout/): The financial crisis brought on by the mini-budget, which prompted the Bank of England (BOE) to seek a £65 billion emergency bailout, was centred on Britain’s pension funds on Wednesday. Bank of England claimed it had no choice but to step in to defend the UK financial system due to the sharp increase in government borrowing […] - [Kwasi-Kwarteng's Mini Budget 2022: Key Points in Tax Cuts ](https://legendfinancial.co.uk/kwasi-kwartengs-mini-budget-2022-key-points-in-tax-cuts/): Chancellor Kwasi Kwarteng announced last 23 September his mini-budget or “Growth Plan,” which is considered to have implemented the biggest tax cuts in a generation. Massive cuts are applied to income tax, National Insurance, corporation tax, Universal Credit, stamp duty, and alcohol duty rate. Here are the main points: National Insurance From November 2022, National […] - [Government Borrowing in August the Highest in Records ](https://legendfinancial.co.uk/government-borrowing-in-august-the-highest-in-records/): The UK government borrowed £11.8bn in August in preparation for helping the public with the soaring costs of living, which is almost twice as much as what the Office for Budget Responsibility forecasted for the month. With the Bank of England’s continuous interest rate hikes in response to the robust inflation, the interest to be […] - [PM Liz Truss's Bold Measures for the Rising Energy Costs](https://legendfinancial.co.uk/pm-liz-trusss-bold-measures-for-the-rising-energy-costs/): The new Prime Minister Liz Truss tackles severe economic headwinds with bold measures for the skyrocketing energy bills. Hours before the Queen’s death, she announced Energy Price Guarantee for households and an “equivalent support” for businesses, effective starting 1 October this year and will end by 2024. This energy bill freeze will replace the former […] - [New UK Prime Minister Liz Truss with Vows of Tax Cuts ](https://legendfinancial.co.uk/new-uk-prime-minister-liz-truss-with-vows-of-tax-cuts/): After a summer-long internal campaign triggered by Boris Johnson’s resignation in July, Liz Truss defeated her competitor, former finance minister Rishi Sunak, by 81,326 votes to 60,399 votes. Former foreign secretary Truss will succeed Boris Johnson as the country’s next prime minister in a time of economic danger and political unrest in the UK. Elizabeth Truss, […] - [Tax Compliance Updates for Taxi, Private Hire, and Scrap Dealers](https://legendfinancial.co.uk/tax-compliance-updates-for-taxi-private-hire-and-scrap-dealers/): Beginning on 4 April 2022, effective in Wales and England, the government requires tax checks on individuals, business partners, or those who operate through company structures that deal with taxis, private hires, or scrap metals when they renew or apply for the same kind of license (of expired validity or from other licensing authority). Specifically, […] - [Rishi Sunak’s Opposing View Over Tax Cut](https://legendfinancial.co.uk/rishi-sunaks-opposing-view-over-tax-cut/): Rishi Sunak showed concerns regarding the pressure and living standards in the light of tax scenarios as he stated that cutting taxes now without balancing the books would “stoke inflation, increase borrowing and only worsen the current cost of living pressures.” As the requirement of twenty other members of Parliament (MPs) was generated by the […] - [Tips on How to Deal With The Different Types of Cash Flow for eCommerce](https://legendfinancial.co.uk/tips-on-how-to-deal-with-the-different-types-of-cash-flow-for-ecommerce/): Contents Current events such as the global pandemic and uncertain economy can be a few of the most significant factors for businesses to spiral down into a cash crunch or worse, bankruptcy. But when backtracked how most businesses went without adequate funds to continue their normal business operations, one huge reason is poor cash flow […] - [Finance Bill 2022-23: CGT Relief for Separating Spouses & Partners](https://legendfinancial.co.uk/finance-bill-2022-23-cgt-relief-for-separating-spouses-partners/): The government has released a draft tax legislation before its potential inclusion in the Finance Bill 2022–2023 to allow for technical consultation. The upcoming Finance Bill will include some helpful relaxing rules governing a marriage’s dissolution. Currently, the “no gain, no loss” treatment—the overall capacity to transfer assets between spouses (or civil partners) without risk […] - [Bank of England cuts rate to 3.75% for households and businesses ](https://legendfinancial.co.uk/bank-of-england-cuts-interest-rate-3-75/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! Visit our website here. or reach us at +44 330 236 9335 […] - [Autumn Budget 2025 and what it means for your money ](https://legendfinancial.co.uk/uk-autumn-budget-2025-tax-changes/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! Visit our website here. or reach us at +44 330 236 9335 […] - [Bank of England warns of AI stock bubble, UK investors at risk ](https://legendfinancial.co.uk/bank-of-england-warns-ai-stock-bubble-risk/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! Visit our website here. or reach us at +44 330 236 9335 […] - [Bank of England explores digital pound as future UK currency ](https://legendfinancial.co.uk/bank-of-england-digital-pound-uk-currency/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! Visit our website here. or reach us at +44 330 236 9335 […] - [Chancellor confirms date of Autumn Budget 2025 ](https://legendfinancial.co.uk/uk-autumn-budget-2025-date/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! Visit our website here. or reach us at +44 330 236 9335 […] - [UK economy grows, but tax jitters hit business confidence ](https://legendfinancial.co.uk/uk-economy-grows-tax-jitters-business-confidence/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! Visit our website here. or reach us at +44 330 236 9335 […] - [HMRC’s 2030 roadmap to completely digitalise UK tax systems ](https://legendfinancial.co.uk/hmrc-2030-digital-tax-roadmap-uk/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! Visit our website here. or reach us at +44 330 236 9335 […] - [Announcement: Legend Financial partners with Portman Finance Group UK](https://legendfinancial.co.uk/legend-financial-portman-finance-partnership/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! Visit our website here. or reach us at +44 330 236 9335 […] - [New mandatory Director ID verification starts November 2025 ](https://legendfinancial.co.uk/mandatory-director-id-verification-uk-november-2025/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! Visit our website here. or reach us at +44 330 236 9335 […] - [HMRC is coming for directors: are you on the list?](https://legendfinancial.co.uk/hmrc-director-investigations-warning/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! Visit our website here. or reach us at +44 330 236 9335 […] - [Tax on Rental Income | Relief and Other Landlord Liabilities](https://legendfinancial.co.uk/how-much-tax-do-you-pay-on-rental-income/): The amount of tax on rental income you pay depends largely on your taxable income, the profit you earn from letting out a rental property, and your overall employment status. - [Don't Get Fined! HMRC's Digital Eye is on Your Online Income. ](https://legendfinancial.co.uk/mandatory-payrolling-of-benefits-deferred/): Do you have a side hustle going online? Maybe you are selling some amazing crafts on Etsy, renting out rooms on Airbnb, or perhaps earning from your skills on Upwork. - [Self Employed Income Tax Rate & Allowance: 2025/26 Tax Year Guide    ](https://legendfinancial.co.uk/self-employed-tax-rate-a-brief-guide-to-income-tax/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! Visit our website here. or reach us at +44 330 236 9335 […] - [What Is First Time Buyer Stamp Duty Relief? [2025] ](https://legendfinancial.co.uk/first-time-buyer-stamp-duty/): When buying a property in the UK, stamp duty is a crucial consideration as it can add thousands to the purchase price. - [HMRC to Crack Down on Crypto: Automatic Reporting Begins in 2026 ](https://legendfinancial.co.uk/hmrc-to-crack-down-on-crypto/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! Visit our website here. or reach us at +44 330 236 9335 […] - [Mandatory payrolling of benefits deferred to April 2027 ](https://legendfinancial.co.uk/mandatory-payrolling-of-benefits-deferred-to-april-2027/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! Visit our website here. or reach us at +44 330 236 9335 […] - [How the 2025 company car tax update impacts your BIK ](https://legendfinancial.co.uk/how-the-2025-company-car-tax-update-impacts-your-bik/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! Visit our website here. or reach us at +44 330 236 9335 […] - [All You Need to Know About Stamp Duty Tax ](https://legendfinancial.co.uk/stamp-duty-tax/): Stamp duty land tax SDLT is the tax imposed on buyers for the properties or pieces of land they bought in England or Northern Ireland. - [Stamp Duty Land Tax Rates 2025/26](https://legendfinancial.co.uk/stamp-duty-land-tax-rates/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! Visit our website here. or reach us at +44 330 236 9335 […] - [Child Benefit claimant from 1978-2000? HMRC might owe you money! ](https://legendfinancial.co.uk/child-benefit-claimant-from-1978-2000/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! Visit our website here. or reach us at +44 330 236 9335 […] - [What Is The Construction Industry Scheme (CIS)? [Latest Updates] ](https://legendfinancial.co.uk/construction-industry-scheme/): The Construction Industry Scheme (CIS) is a tax deduction system that applies to most construction workers in the UK. - [How Much is the Tax on Self-Employed Income](https://legendfinancial.co.uk/how-much-is-the-tax-on-self-employed-income/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! Visit our website here. or reach us at +44 330 236 9335 […] - [What the Spring Statement 2025 will mean to you ](https://legendfinancial.co.uk/what-you-need-to-know-about-spring-statement-2025/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! Visit our website here. or reach us at +44 330 236 9335 […] - [VAT Fraud: Scope, Penalties, and Report Procedure for 2025 ](https://legendfinancial.co.uk/vat-fraud-scope-penalties-reporting-2025/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! Visit our website here. or reach us at +44 330 236 9335 […] - [How To Reduce Income Tax for Self-Employed People in 2025 ](https://legendfinancial.co.uk/how-to-reduce-income-tax-for-self-employed/): Alongside tax hikes, the UK government also provided significant tax reliefs and allowances every year, which both employed and self-employed people can benefit from. - [Annual Tax on Enveloped Dwellings: 2025 Updates ](https://legendfinancial.co.uk/annual-tax-on-enveloped-dwellings/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! Visit our website here. or reach us at +44 330 236 9335 […] - [Business Asset Disposal Relief 2025: How Can You Qualify?  ](https://legendfinancial.co.uk/business-asset-disposal-relief-2025/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! Visit our website here. or reach us at +44 330 236 9335 […] - [What is Council Tax? [2025 Guide] ](https://legendfinancial.co.uk/what-is-council-tax/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! Visit our website here. or reach us at +44 330 236 9335 […] - [Tips on How to Reduce Tax on Rental Income [2025 Latest] ](https://legendfinancial.co.uk/tips-on-how-to-reduce-tax-on-rental-income/): As a landlord, you must know that rental income is subject to income tax. However, you might be paying more tax than necessary, probably due to a lack of awareness about available deductions. - [Reeves dead-set against tax evasion - beware of Phoenixism   ](https://legendfinancial.co.uk/reeves-dead-set-against-tax-evasion-beware-of-phoenixism/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! Visit our website here. or reach us at +44 330 236 9335 […] - [8 Different VAT Schemes in UK To Choose From [Latest] ](https://legendfinancial.co.uk/8-different-vat-schemes-in-uk-to-choose-from/): As a business owner, you must be familiar with the intricacies of Value Added Tax (VAT). - [How much did the National Minimum Wage rates increase this April? ](https://legendfinancial.co.uk/national-minimum-wage-rates-increase/): From 1 April, the National Minimum Wage saw another set of increases. These are the changes from the last year - [Stamp Duty Threshold and Rates [2025 Changes] ](https://legendfinancial.co.uk/stamp-duty-threshold/): From 1 April 2025, stamp duty thresholds have reverted to their original levels after the temporary (almost) three-year threshold increase. - [Does a Sole Trader Pay Corporation Tax? Fully Explained](https://legendfinancial.co.uk/does-a-sole-trader-pay-corporation-tax/): More than fifty per cent of self-employed individuals register as sole traders in the UK, and the number keeps increasing. - [Ecommerce Bookkeeping: All That You Need to Know! (2025) ](https://legendfinancial.co.uk/the-ultimate-guide-to-e-commerce-bookkeeping/): Having a hard time managing finances for your online business? This article serves as a guide to simplify the ecommerce bookkeeping process, highlighting its benefits and best practices. - [Top 9 Cash Flow Management Software in 2025](https://legendfinancial.co.uk/most-commonly-used-cash-flow-management-software/): At the heart of every business’ financial stability lies one crucial element, i.e “cash flow”. It is the lifeblood of any successful enterprise that keeps it afloat and running. - [HMRC’s Tax Investigations | Process, Penalties, & Advice 2025](https://legendfinancial.co.uk/hmrc-tax-investigations-guide-2025/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! Visit our website here. or reach us at +44 330 236 9335 […] - [Decoding Interest on Late Payment of Corporation Tax [Latest Updates] ](https://legendfinancial.co.uk/interest-on-late-payment-of-corporation-tax/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! Visit our website here. or reach us at +44 330 236 9335 […] - [Corporation Tax on Losses: Reduce Your Tax Burden [2025]](https://legendfinancial.co.uk/corporation-tax-on-losses/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! Visit our website here. or reach us at +44 330 236 9335 […] - [CIS Repayment for Limited Companies and Sole Traders](https://legendfinancial.co.uk/complete-guide-for-cis-repayment/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! Visit our website here. or reach us at +44 330 236 9335 […] - [How to Start E-Commerce Business: Quick Steps [2025]](https://legendfinancial.co.uk/how-to-start-e-commerce-business/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! Visit our website here. or reach us at +44 330 236 9335 […] - [Patent Box Tax | How It Works and How to Claim Relief](https://legendfinancial.co.uk/patent-box-tax/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! Visit our website here. or reach us at +44 330 236 9335 […] - [The Ultimate Guide to Crypto Tax in UK 2025](https://legendfinancial.co.uk/crypto-tax-in-uk/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! Visit our website here. or reach us at +44 330 236 9335 […] - [Braving HMRC's CIS Penalties: How to Face the Ordeal with Ease](https://legendfinancial.co.uk/cis-penalties/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! Visit our website here. or reach us at +44 330 236 9335 […] - [10 Things You Need to Know to Avoid Capital Gains Tax on Property [2025] Update](https://legendfinancial.co.uk/how-to-avoid-capital-gains-tax-on-property/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! Visit our website here. or reach us at +44 330 236 9335 […] - [How Tax Relief on Charity Donations Works in the UK ](https://legendfinancial.co.uk/tax-relief-on-charity-donations/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! Visit our website here. or reach us at +44 330 236 9335 […] - [Tax Loopholes for the Middle Class in the UK](https://legendfinancial.co.uk/tax-loopholes-for-the-middle-class/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! Visit our website here. or reach us at +44 330 236 9335 […] - [Bank Reconciliation Statement Explained: Answering the Most Common Questions ](https://legendfinancial.co.uk/bank-reconciliation-statement/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! Visit our website here. or reach us at +44 330 236 9335 […] - [UK Tax Calculator: Quick Guide to Income Tax ](https://legendfinancial.co.uk/uk-tax-calculator/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! Visit our website here. or reach us at +44 330 236 9335 […] - [Non Resident Landlord Tax: Ultimate Guide for Foreign Investors](https://legendfinancial.co.uk/non-resident-landlord-tax/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! Visit our website here. or reach us at +44 330 236 9335 […] - [Gift Aid Tax Relief: What You Need to Know](https://legendfinancial.co.uk/gift-aid-tax-relief/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! 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Visit our website here. or reach us at +44 330 236 9335 […] - [What is UTR Number UK and How Can I Get One? ](https://legendfinancial.co.uk/what-is-utr-number-uk/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! 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Visit our website here. or reach us at +44 330 236 9335 […] - [How Much Can You Earn Before Paying Tax in the UK?](https://legendfinancial.co.uk/how-much-can-you-earn-before-paying-tax/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! 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Visit our website here. or reach us at +44 330 236 9335 […] - [Non Established Taxable Person: VAT Duty Simplified ](https://legendfinancial.co.uk/non-established-taxable-person/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! Visit our website here. or reach us at +44 330 236 9335 […] - [One-to-Many Letter Against Electronic Sales Suppression](https://legendfinancial.co.uk/electronic-sales-suppression/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! Visit our website here. or reach us at +44 330 236 9335 […] - [Advantages and Disadvantages of Being VAT Registered ](https://legendfinancial.co.uk/disadvantages-of-being-vat-registered/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! Visit our website here. or reach us at +44 330 236 9335 […] - [CIS Registration: How to Navigate the Process Seamlessly](https://legendfinancial.co.uk/cis-registration-how-to-do-it/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! Visit our website here. or reach us at +44 330 236 9335 […] - [What Is the PAYE Settlement Agreement (PSA) UK? ](https://legendfinancial.co.uk/paye-settlement-agreement/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! Visit our website here. or reach us at +44 330 236 9335 […] - [Do You Charge VAT on Consultancy Services UK? ](https://legendfinancial.co.uk/vat-on-consultancy-services/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! Visit our website here. or reach us at +44 330 236 9335 […] - [Do You Get Tax Relief Working from Home in the UK? ](https://legendfinancial.co.uk/tax-relief-working-from-home/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! Visit our website here. or reach us at +44 330 236 9335 […] - [Get to Know Your Personal Tax Allowance [2024/25] ](https://legendfinancial.co.uk/personal-tax-allowance/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! Visit our website here. or reach us at +44 330 236 9335 […] - [Do I Pay Tax if I Sell My House? A Beginner’s Guide ](https://legendfinancial.co.uk/do-i-pay-tax-if-i-sell-my-house/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! Visit our website here. or reach us at +44 330 236 9335 […] - [HMRC Consults on Reforming Late Payment Penalties ](https://legendfinancial.co.uk/late-payment-penalties/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! Visit our website here. or reach us at +44 330 236 9335 […] - [Business Asset Disposal Relief on CGT: Are You Eligible? ](https://legendfinancial.co.uk/business-asset-disposal-relief/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! Visit our website here. or reach us at +44 330 236 9335 […] - [Corporation Tax Rates UK 2024/25 and Special Regimes ](https://legendfinancial.co.uk/corporation-tax-rates-uk/): LEGEND CONNECTS LEGEND CONNECTS Established in 2021, Legend Connects is a work placement platform where our students at Legends Academy or any skilled professionals are enrolled after completing skill-based courses. We deploy them in one of our companies or other firms across Ireland, the UK, USA, and Canada, considering where their skills are suitable. Our deep-seated goal is to provide employment opportunities for everyone and be renowned for honing the most reliable experts in their chosen fields. Visit us at : Legend Connects  Visit our socials too! Facebook Linkedin Instagram X-twitter reach us today! Visit our website here. or reach us at +44 330 236 9335 […] ## Pages - [Financial Modelling](https://legendfinancial.co.uk/what-we-do/financial-services/financial-modelling/): financial modelling Financial modeling shows how a business’s finances operate in the future, which is determined through business valuation, budgeting, capital investment, management decision-making, financial reports analysis, and evaluating the total expenditure of the company. These models are used to represent the real value of any firm to its stakeholders. New business endeavours especially need […] - [Budgeting and Forecasting](https://legendfinancial.co.uk/what-we-do/business-services/budgeting-and-forecasting/): Budgeting & Forecasting Budgeting and forecasting are two aspects that can help businesses cater their strategies to the ever-changing market. Budgeting shows what the business expects to achieve while forecasting indicates where the business is really going. It’s crucial for your business to keep a record of how much money comes and goes out of […] - [Cash Flow Management](https://legendfinancial.co.uk/what-we-do/business-services/cash-flow-management/): Cash flow MANAGEMENT Cash flow improvements are achievable when the business’ account payables and receivables are monitored. To increase the profit, the receivables (income) should be greater than the payables (expenses). The receivables are then used as investment capital for continued cash growth. Based on this, there are a myriad of ways to improve cash […] - [Business Plans and Market research](https://legendfinancial.co.uk/what-we-do/business-services/business-plans-and-market-research/): Business Plans & Market Research Strategic business plans and market research are keys to the success of any business. Information collected in the research process includes how the audience will receive the business’ products or services, keep track of the market trends, and see how competitors are doing. Proper market analysis helps businesses create plans […] - [Mergers & Acquisitions](https://legendfinancial.co.uk/what-we-do/business-services/mergers-acquisitions/): Mergers & Acquisitions When your business is merged with another entity in some form, settling acquisitions come next. Mergers & acquisitions can massively expand your business and increase its profits. Sound advice is fundamental for enhancing your business’ capital, paving the way for growth. The process involves a lot of work, including legal, financial, intellectual […] - [Start Up](https://legendfinancial.co.uk/what-we-do/business-services/start-up/): Start Up New businesses have yet limited resources to cope with start up demands, including compliance matters, administrative documents, tax-efficient way of working, risk management, business strategy, and decision making. All these can be overwhelming for businesses that are just starting up, which is why in this phase, partnering with business experts is crucial. Venturing […] - [Business Valuation](https://legendfinancial.co.uk/what-we-do/business-services/business-valuation/): Business valuation Business valuation is the calculation of a business’ economic value as a whole or a unit, serving as its price tag if it is sold. This service includes corporate valuation, gift, estate, and income tax valuation, buy-sell agreement valuation, financial reporting valuation, ESOP and ERISA valuation, etc. Only trusted professionals should calculate your […] - [Tax Investigations](https://legendfinancial.co.uk/what-we-do/taxation-services/tax-investigations/): tax investigations The HMRC does a tax investigation every year to protect the funds that belong to the UK, ensure that the tax system is performing well, and check that the taxpayers are paying their taxes properly, with the right amount, and on time. You’ll be given a letter informing you about the tax compliance […] - [Benefits and Tax Credits](https://legendfinancial.co.uk/what-we-do/taxation-services/benefits-and-tax-credits/): Benefits And Tax Credits UK tax benefits are either taxed or non-taxed. One that’s considered a benefit is tax credit. There are two categories of benefits and tax credits—working tax and child tax credits. You can claim either one of the categories or both, according to your situation. Working tax credit (WTC) is for those […] - [Capital Gains Tax](https://legendfinancial.co.uk/what-we-do/accountancy/capital-gains-tax/): Capital Gains Tax When your earnings from selling various assets exceed the yearly tax-free amount, you pay Capital Gains Tax (CGT). Both the residents who are within and outside the country have to pay their CGT. Certain types of assets are charged while others may be tax-exempt. Business assets you have to pay CGT on […] - [Estate Trust Planning](https://legendfinancial.co.uk/what-we-do/taxation-services/estate-trust-planning/): estate trust planning AND INHERITANCE TAX When it comes to trust and estate planning, there are surprisingly a lot of myths still believed in the UK which you might be guilty about too. First off, giving away your assets before you die will not make you exempt from inheritance tax. That only works when you’re […] - [Tax Planning](https://legendfinancial.co.uk/what-we-do/taxation-services/tax-planning/): Tax Planning There are plenty of taxes in the UK, and as all taxpayers are aware of, they do significantly eat up a considerable portion of your income. In the case of IHT, the earlier you do and act on your inheritance tax planning, the lesser your inheritors’ obligations will be. For income and corporation […] - [CIS Returns](https://legendfinancial.co.uk/what-we-do/accountancy/cis-returns/): cis returns CIS returns to serve as a monthly financial record of how much contractors pay to their subcontractors. Every entity in the construction industry is taxed in the CIS or Construction Industry Scheme. Contractors deduct tax from their subcontractor’s wages and pay it in advance to the HMRC. Subcontractors, on the other hand, must […] - [Company Secretarial Work](https://legendfinancial.co.uk/what-we-do/accountancy/company-secretarial-work/): Company Secretarial Work Companies Act 2006 requires all incorporated entities to maintain proper documentation and records such as register of members, directors, articles of association, etc. and file confirmation statements with the Companies House. All these are accomplished through company secretarial work. A company secretary helps businesses in a whole lot of corporate matters, from […] - [Computerized Softwares](https://legendfinancial.co.uk/what-we-do/accountancy/computerized-softwares/): computerized software Small- and medium-sized businesses greatly benefit from computerized software programs such as Xero, QuickBooks, etc. for their accounting and bookkeeping needs. These programs can be easy to navigate and can already provide complete support for all the functions of an organization. Through computerized accounting software, you get system-derived automations, streamlined data access, secure […] - [Bookkeeping](https://legendfinancial.co.uk/what-we-do/accountancy/bookkeeping/): bookkeeping Most startup owners feel if they only know bookkeeping, they will not have to pay for a professional. Admit it, you might have that idea too or on the dangerous side, doing it yourself without solid finance training or experience. DIY in such cases, especially when you’re handling growing volumes of transactions, can lead […] - [Self-assessments](https://legendfinancial.co.uk/what-we-do/accountancy/self-assessments/): Self-assessments Certain circumstances require you to pay your income tax first through Personal Assessment Tax Return, otherwise called Self-Assessments, and not through the PAYE system. Ask a tax professional whether your situation requires you to pay income tax or not. Usually, you are obliged to pay your tax through Self-Assessment when you are self-employed, a […] - [Payroll](https://legendfinancial.co.uk/what-we-do/accountancy/payroll/): Payroll OUTSOURCING SERVICEs With a lot of taxes in the UK, not everyone has the same payroll system. Construction workers, for example, will have to follow CIS payroll. Contractors deduct their subcontractors’ taxes upfront accompanied by payments and deduction statement (PDS) copies. Getting them wrong, for the ever-strict HMRC, will always put you at risk […] - [Value Added Tax (VAT)](https://legendfinancial.co.uk/what-we-do/accountancy/value-added-tax/): Value Added Tax (VAT) In the UK, most services and goods are charged with VAT (Value Added Tax). Only those businesses that are registered with the HMRC can charge their customers with it. These sales are then called “VAT-able” or “taxable” sales. Businesses in the UK with an overall profit of £85,000 or more that […] - [Management Reports](https://legendfinancial.co.uk/what-we-do/accountancy/management-reports/): Management Reports Key insights from management reports are vital for management and business owners to keep the progress of the business on track. These reports show a big picture perspective of the clients’ business. When the data is refined, it is then used to determine modifications in strategic planning. The keys to making effective management […] - [Annual Accounts & Corporation Tax Return](https://legendfinancial.co.uk/what-we-do/accountancy/annual-accounts-corporation-tax-return/): Annual Accounts & Corporation Tax Returns Running an incorporated business means having to file annual self-assessments for your corporation tax. And HMRC, strict as ever, will always look closely into how promptly and accurately you submit your annual accounts and corporation tax return. You can be at risk of penalties when you submit your corporation […] - [Taxation Services in Stratford, London](https://legendfinancial.co.uk/contact/london/): taxation services in stratford Personal Taxation Services In Stratford Our Services Get in touch COMPREHENSIVE CONSULTANCY SERVICES Legend Financial’s journey began with a vision to empower individuals and businesses with the knowledge and support needed to thrive financially. For over a decade, Legend Financial has been providing exceptional tax, accountancy, and business development services throughout […] - [Financial Services](https://legendfinancial.co.uk/what-we-do/financial-services/): Financial Services In this era, meeting the financial needs of developing companies requires a wide variety of financial service providers. Along with this, the involvement of payment facilitators, such as agent networks, mobile network operators, and others is also rudimentary. Therefore, we provide support to our clients in creating optimum and efficient finance functions with […] - [Taxation](https://legendfinancial.co.uk/what-we-do/taxation-services/): Taxation Services Individuals and businesses tend to commit mistakes around their taxes due to lack of advice and planning, resulting in increased tax rates, investigations, and non-compliance penalties, all of which would have been prevented if they partnered with tax specialists. But you can have the upper hand over your business and personal taxes when […] - [Construction](https://legendfinancial.co.uk/who-we-help/construction/): construction One of the most tax-fraught in the UK sectors is the construction industry. For contractors and subcontractors, having to deal with the Construction Industry Scheme (CIS), CIS invoices, IR35 rules, and construction-specific VAT systems sounds overwhelming from the get-go.   In our experience, most construction workers don’t have full understanding of these regulations, which makes […] - [Owner Managed Businesses](https://legendfinancial.co.uk/who-we-help/small-medium-entities/): Owner Managed Businesses As small and medium entities grow, challenges increase. Strategically dealing with these issues enables owner-managed businesses to stand out from other entities in the competitive market. To ensure success in each business cycle, it’s wise to partner with advisory specialists. Managing your own business is a full-time job, but tasks and challenges […] - [Investment Properties](https://legendfinancial.co.uk/who-we-help/investment-property/): investment properties The property investment market has always been volatile. Take pandemic and geopolitics that can easily shift the table for investors. There are a lot more factors that exacerbate the challenges. The unstable market condition also catapulted a lot of residential homeowners into becoming “accidental landlords,” such that they need to move out but […] - [Private Security Services](https://legendfinancial.co.uk/who-we-help/private-security-services/): Private Security Services As you secure other businesses’ premises, properties, and personnel, be sure to secure yours behind the scenes too, and by that, we mean the financial department. Like every other business in the UK, you’ll have to comply with different kinds of taxes, sort out your accounting matters, pass the SIA audits, and […] - [Accountancy](https://legendfinancial.co.uk/what-we-do/accountancy/): Accountancy Services Our professionals consult and assist clients at every stage and give ground-breaking solutions based on sound knowledge as well as competitor analysis. We offer services in a way that helps them cope with the ever-changing circumstances in the market. We supervise their accounting departments, keep a check on the accounting system, schedule systematic […] - [Values and Culture](https://legendfinancial.co.uk/who-we-are/values-and-culture/): Values And Culture We are not just colleagues who work together, but we are a family where every member is passionate about mutual growth. We strive for excellence by maintaining tranquility among the team members. We do not practice labeling our team by calling them “staff,” “junior,” or “supervisor.” We refer to each other as […] - [Who We Help](https://legendfinancial.co.uk/who-we-help/): Who We Help! for people who get the job done We are offering services with our well-experienced and professional equipped accountants, dedicated client managers, and a combination of skills and technology. We facilitate our clients in the areas of private security, construction, owner-managed businesses, eCommerce businesses, and investment properties as we understand their needs and […] - [Copyright](https://legendfinancial.co.uk/copyright/): Copyright Content of this site is copyrighted. The content/information provided herein is not to be copied or reproduced for any commercial gain. Should you use the content unauthorised, including uploading any of the pages onto your own website you may infringe copyright, trademark and other laws. Should you choose to download any of the information appearing on […] - [Accessibility Statement](https://legendfinancial.co.uk/accessibility-statement/): Accessibility Statement We want everyone who visits our website to feel welcome and find the experience rewarding. We are committed to providing a website that is accessible to the widest possible audience. We are actively working to increase the accessibility and usability of our website and in doing so adhere to many of the available […] - [Team](https://legendfinancial.co.uk/who-we-are/team/): Team fahad lateef principal accountant, milton keynes Fahad is a Chartered Certified Accountant (ACCA), proficient in numeracy and impassioned with giving concise advice to a wide range of clients related to different industries. With an immense experience of over a decade, he has worked as an advisor on different projects run by audit giants like […] - [Who We Are](https://legendfinancial.co.uk/who-we-are/): Who We Are about us Legend Financial has flourished to transform into a renowned, client-centred, well-respected, mid-sized accounting firm in the United Kingdom, offering a comprehensive spectrum of accounting, tax, and financial services to clients since June 2010, with the agenda of having a mutual financial gain within the UK regulatory system. The firm is […] - [Contact](https://legendfinancial.co.uk/contact/): Contact Us Locations london – stratford Citygate House, 246-250 Romford Road, London, E7 9HZ 0207 101 9477 hello@legendfinancial.co.uk location details london – hounslow House 3rd Floor 65, Holdsworth, 73 Staines Rd, Hounslow TW3 3HW 0208 064 4445 hello@legendfinancial.co.uk location details milton – keynes Midsummer Court, 314 Midsummer Blvd, Milton Keynes MK9 2UB, United Kingdom 01908 […] - [Home Page](https://legendfinancial.co.uk/home-2/): legendary expertise, epic success stories we are legends we’re the professionals Complicated accounts? Bring ’em on. Want to pay less tax? That’s the kind of challenge we like. If you want to deal with accountants who tell it like it is, get things done and hate wasting money as much as they hate wasting time, […] - [Privacy Statement and Cookie Policy](https://legendfinancial.co.uk/privacy-statement-cookie-policy/): Privacy Statement And Cookie Policy OUR PRIVACY STATEMENT By using our site, you consent to us processing your data and you warrant that all data provided by you is accurate. INFORMATION ABOUT US We are Legend Financial and Tax Advisers Ltd,Citygate House, 246 – 250 Romford Road, London, E7 9HZ,VAT number: 326420135,Company number: 08103572,Registration location: […] - [Terms & Conditions](https://legendfinancial.co.uk/terms-and-conditions/): Terms & Conditions This page (together with the documents referred to in it) tells you the terms of use on which you may make use of the website at https:///legendfinancial.co.uk (“our site”). These terms apply whether you use our site as a guest or a registered user. Use of our site includes accessing, browsing, or registering to […] - [Cookie Policy](https://legendfinancial.co.uk/cookies-information/): About this cookie policy This Cookie Policy explains what cookies are and how we use them, the types of cookies we use i.e, the information we collect using cookies and how that information is used, and how to control the cookie preferences. For further information on how we use, store, and keep your personal data […] - [Blog & News](https://legendfinancial.co.uk/blog/): BLOG Accountancy, tax and financial services Uncategorized Claiming Back VAT Is there any way for claiming back VAT? Imagine you are paying VAT on different goods and services but you… continue reading April 15, 2021 Uncategorized Uncategorized VAT Reverse Charge: Important Updates Contractors and Subcontractors Need To Know All of the items that are either […] - [What We Do](https://legendfinancial.co.uk/what-we-do/): What We Do taxation services Individuals and businesses tend to commit mistakes around their taxes due to lack of advice and planning, resulting in increased tax rates, investigations, and non-compliance penalties, all of which would have been prevented if they partnered with tax specialists. But you can have the upper hand over your business and […] - [R&D Tax Services Manchester, London UK](https://legendfinancial.co.uk/taxation-services-in-manchester-uk/rd-tax-services-manchester-london-uk/): R&D TAX SERVICES Manchester, London R&D can be the most expensive project your business may ever initiate, as coming up with new or improved products, services, or processes necessitates advanced software, technology, and staff. Expenses are upfront, and ROI may not be sure. An R&D tax credit exists for this purpose. It is our goal […] - [Tax Investigation Services Manchester, London UK](https://legendfinancial.co.uk/taxation-services-in-manchester-uk/tax-investigation-services-manchester-london-uk/): TAX INVESTIGATION SERVICES Manchester If you have received an HMRC tax investigation letter or phone call, no need to panic. You have the best tax investigations specialists from Legend Financial. For everyone who has been through it, no doubt, the process can be very time-consuming and stressful. But that does not automatically mean you have […] - [Capital Gains Tax Adviser Manchester, London - Legend Financial](https://legendfinancial.co.uk/taxation-services-in-manchester-uk/capital-gains-tax-adviser-manchester-london-legend-financial/): CAPITAL GAINS TAX ADVISER Manchester London Any profit you make from disposing of investments or assets will be subject to capital gains tax. Whilst its rates are lower than ordinary income, the capital gains are added to your taxable income within that tax year, so the amount can still add up, nonetheless. If you plan […] - [Tax Planning Services Manchester](https://legendfinancial.co.uk/taxation-services-in-manchester-uk/tax-planning-services-manchester/): TAX PLANNING SERVICES Manchester, UK Do not wait until tax filing deadlines arrive. The earlier you do tax planning, the more you can curb your tax liability and take advantage of the benefits that are rightfully yours. Moreover, once you receive penalties for late filing or submitting inaccurate tax returns, the amount can get hefty […] - [EIS and SEIS Services Milton Keynes, London UK](https://legendfinancial.co.uk/business-development-services-milton-keynes/eis-and-seis-services-milton-keynes-london-uk/): EIS AND SEIS SERVICES Milton Keynes, London Looking to raise capital for your business? See if the government’s equity finance schemes are suitable for your company. The seed enterprise investment scheme (SEIS) caters to eligible startups, whilst the enterprise investment scheme (EIS) helps qualifying SMEs. Obtaining venture capital is not always easy—investors look for anything […] - [Business Plan Services Milton Keynes - Market Research Agency](https://legendfinancial.co.uk/business-development-services-milton-keynes/business-plan-services-milton-keynes-market-research-agency/): Business Plan Services Milton Keynes – Market Research Agency Every firm needs a business plan to get from where it is now to where it wants to go. If you are just starting, trying to obtain capital funds, or establishing a plan for other purposes, search business plan writers near me, and you will find […] - [Business Valuation Services Milton Keynes - Company Valuation Service](https://legendfinancial.co.uk/business-development-services-milton-keynes/business-valuation-services-milton-keynes-company-valuation-service/): BUSINESS VALUATION SERVICES Milton Keynes There are many reasons businesses go through company valuation, and in our experience, it is usually during difficult times—entering a buy-sell agreement, restructuring tax and accounting system, or having shareholder disputes. For this matter, search for business valuation services near me, and you will find Legend Financial. We have been […] - [Budgeting and Forecasting Services Milton Keynes, London](https://legendfinancial.co.uk/business-development-services-milton-keynes/budgeting-and-forecasting-services-milton-keynes-london/): BUDGETING AND FORECASTING SERVICES Milton Keynes, London Regular budgeting and forecasting are a few of the best practices successful businesses follow, both being crucial aspects of financial planning and analysis (FP&A) processes. It is not advisable for entrepreneurs to handle this task themselves—forecasting is a delicate process in itself, requiring deep accounting and company insights […] - [Cash Flow Management Services Milton Keynes, London UK](https://legendfinancial.co.uk/business-development-services-milton-keynes/cash-flow-management-services-milton-keynes-london-uk/): CASH FLOW MANAGEMENT SERVICES Milton Keynes Every business’ goal is to increase its revenue. However, no matter how big their cash inflows are, they are bound to meet some bottlenecks at some point if they fail to secure a good cash management system. Legend Financial has been providing cash flow management services for more than […] - [Marketing Strategies For Financial Services Milton Keynes](https://legendfinancial.co.uk/business-development-services-milton-keynes/marketing-strategies-for-financial-services-milton-keynes/): MARKETING STRATEGIES FOR FINANCIAL SERVICES Milton Keynes There is no other great way to increase your brand awareness and ultimately expand your local business but effective marketing strategies. Every firm in the UK now exhausts marketing efforts, and it is for no small reason—the wider and more strategic your marketing mix, the quicker you can […] - [Company Secretarial Services Milton Keynes - Corporate Services](https://legendfinancial.co.uk/accountancy-services-milton-keynes-london/company-secretarial-services-milton-keynes-corporate-services/): COMPANY SECRETARIAL SERVICES Milton Keynes Every minute is precious when running a business—Legend Financial understands this the most. Our company secretarial services let you focus on what is most important, as our designated company secretary takes charge of all your governance duties. 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[…] - [Case Study 02](https://legendfinancial.co.uk/case-study-02/): Legend Financial & Tax Advisers Client Success Story Client Information: Client Name: Wesley Smith Client’s Business: Fashion Industry Client Contact Position: Director / Owners Background: Wesley, a businessman, has successfully established himself in the dynamic fashion industry. His journey began in 1997, inspired by his passion for design and tailoring, initially working with a simple […] - [Case Study 01](https://legendfinancial.co.uk/case-study-01/): Self Employed Client Success Story Client Information: Client Name: John Client’s Occupation: Taxi Driver Client Contact Position: Self Employed Background: John, a taxi driver by profession, had encountered a series of financial and tax challenges stemming from errors made by his previous accountant. The most significant issue was the improper inclusion of all of John’s […] - [Email Confirmation Page](https://legendfinancial.co.uk/thank-you-for-contacting/): THANK YOU! Thanks, you’re all set. Thanks for Getting in Touch with Us!Your message has been received, and we appreciate you contacting us. Our team will review your inquiry and respond promptly. Connect with us Facebook X-twitter Linkedin Instagram Pinterest Youtube Visit Our Website CLICK HERE - [Taxation Services in Glasgow](https://legendfinancial.co.uk/contact/glasgow/): tax services in Glasgow Personal Taxation Services in Glasgow Comprehensive Consultancy Services Legend Financial’s journey began with a vision to empower individuals and businesses with the knowledge and support needed to thrive financially. For over a decade, Legend Financial has been providing exceptional tax, accountancy, and business development services throughout the UK.   Today, we […] - [Careers](https://legendfinancial.co.uk/careers/): Careers WHY JOIN US? Professional growth and work-life balance at its finest—that is what you can expect working with Legend Financial. As the firm continues to flourish, we need more talented people onboard. Only the best gets to work with our thriving team. Discover how you can grow your career better with us. Explore our […] - [Job Assistant Accountant](https://legendfinancial.co.uk/careers/assistant-accountant/): Assistant Accountant Company Overview Legend Financial is a rapidly growing firm with an increasing number of clients. Now, we are looking forward to strengthening our team with the right resources to maintain our quality and client satisfaction. 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Currently, we are looking for an Office Manager with the following attributes: Qualification and Experience Job Description […] - [Saiqa Akbar](https://legendfinancial.co.uk/saiqa-akbar/): our team saiqa akbar accountant Saiqa is a qualified accountant with an MBA degree who believes in delivering qualitative expert services efficaciously, adding value to the clients’ business and sustaining enduring client relationships. With her acumen for advisory mindset, she has successfully created intellectual capital and defined the methodology required to develop the practice for […] - [Ghazaleh Bashkani](https://legendfinancial.co.uk/ghazaleh-bashkani/): our team ghazaleh bashkani accountant On top of her certifications, Ghazaleh is an avid learner, believing that the principle of adapting to the changes in this advancing world allows her to meet the emerging business needs of her clients as an accountant. 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Click Here to Download - [Medical & Healthcare](https://legendfinancial.co.uk/who-we-help/medical-healthcare/): Medical & Healthcare Diverse options are available to those who want to build a startup in the medical & healthcare industry. Whilst these different businesses will always be in demand, running them can be very challenging. But even so, there are various ways to stand out among many others in the competition. A lot of […] - [Research & Development (R&D) ](https://legendfinancial.co.uk/what-we-do/taxation-services/research-development-rd/): research & development (r&d) For innovating businesses in the field of science and technology, here’s a tax incentive you should not miss out on— research and development tax credit or R&D. If your business is small to medium-sized, you can claim SME relief. 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For over a decade, Legend Financial has been providing exceptional tax, accountancy, and business development services throughout the UK.   Today, we stand […] - [Taxation Services in Crawley](https://legendfinancial.co.uk/contact/west-sussex/): tax services in crawley accountancy, tax and business development services Prospect The tax structure characterized by the public authority of a nation is to meet its consumptions to offer types of assistance and shared facilities to individuals of the country which incorporate government current expenditure and development expenditure. At Legend Financial, we believe that contributing […] - [Tim Johnson](https://legendfinancial.co.uk/tim-johnson/): our team tim johnson r&d consultant Tim is our R&D Tax Specialist. Tim is a Chartered Tax Adviser and works as part of our team, to guide business owners, to secure the maximum cash in their business from government research, development and innovation incentives, empowering them to survive and thrive. Tim is super passionate about […] - [Syed Furqan](https://legendfinancial.co.uk/syed-furqan/): our team syed furqan senior manager Furqan is a senior manager in the firm’s London office, with significant experience in advising his clients in all aspects of statutory reporting, financing, and personal tax compliance, and specific expertise in accessing the creative sector tax reliefs. 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