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Strategic discussions with your accountant pave the path to financial success: from tax optimization to maximizing cash flow and leveraging technology for growth, while always aiming to surpass the break-even point.
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If you are self-employed, a freelancer, or have more than one source of income, you must file your yearly self assessment tax return with HMRC. This is true even for employed individuals, where HMRC may require you to file a tax return to ensure your tax affairs are in order. Doing a self assessment for the first time might feel a little daunting at first. Even when done annually, you may find certain elements of the filing process...
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In the United Kingdom, tax rates are based on income and are divided into different brackets. The 40% tax bracket is one of the highest tax brackets in the UK, with a high tax rate for individuals earning more than £50,270 as of 2023. In this blog we will analyse the fundamentals of the 40% tax bracket, implications for taxpayers and effective strategies for lowering your tax liability.
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The OT tax code is a default tax code used by HMRC in the event you do not have any personal allowance remaining or when you start a new job. In the latter, if your new employer does not have details of your tax code, they will assign the OT tax code. The OT tax code implies that you do not have any personal allowance remaining i.e., your total income will be taxed. The income tax rate applicable will not exclude the personal allowance...
