Last June HM Revenue and Customs launched two educational videos which are aimed at preparing teenagers for working life. One of the videos will help 14 to 17 year olds understand what it means when they receive their national insurance number and the benefits of using a personal tax account. The other new video is… Continue reading HMRC helps teenagers prepare for the world of work
A married couple or civil partnership can apply to transfer 10% of the income tax personal allowance from one to the other. Although called the marriage ‘allowance’, it is a transfer rather than an additional allowance. To qualify for the allowance, neither of the partners can be higher rate taxpayers and cannot be claiming the… Continue reading Have you taken advantage of the Marriage Allowance?
The Apprenticeship Levy is charged on employers’ “paybills” at a rate of 0.5%. The levy is payable through Pay as You Earn (PAYE) and is payable alongside income tax and National Insurance. To keep the process as simple as possible “paybill” will be based on total employee earnings subject to Class 1 secondary NICs. Each… Continue reading The Apprenticeship Levy
The Lifetime Individual Savings Account (ISA) is a longer term tax-free account that receives a government bonus. The accounts will be available from today (6 April 2017). HMRC have produced a helpful guide on the account. Some of which is reproduced below: Opening a Lifetime ISA You can open a Lifetime ISA if you're aged… Continue reading New Lifetime ISA
In today’s fast moving world we are all looking for ways to save time. The majority of us carry some kind of hand held device, whether it is a tablet or simply a mobile phone on which we can organise our day to day lives. We even provide our children with these devices to occupy… Continue reading THE BENEFITS OF USING APPS
Here at Torrwaterfield we are constantly updating our systems and software to keep up to date with ever changing technology. Part of this included creating a Taxapp. The Torrwaterfield Taxapp is free to download and available on both IOS devices (App store) and Android devices (Google play). The app includes the following features: Key Tax… Continue reading Keep up to date and download our free Tax App