Insights & Advice

Dividends are an important source of income for business owners and investors, and understanding the dividend tax rates for 2023/24  is crucial for maximising your earnings. With recent changes to the dividend allowance  and consistent tax rates across bands, it’s more important than ever to plan your dividend income strategically. In this guide, we’ll walk you through the key updates to dividend tax , what you need to know for tax planning , and how to reduce your tax liabil

Dividends are a tax-efficient way for company shareholders to receive income. If you own a limited company or hold shares in a business, understanding how dividends are taxed in the UK is essential for effective tax planning. In this article, we'll break down dividend tax rates for 2023/24 , explain the dividend allowance , and provide tips to help you minimise your tax liability on dividends. What Are Dividends? Dividends are payments made to shareholders from a company's pr

As a high earner in the UK, managing your tax liability becomes increasingly important as your income crosses key thresholds like £100,000 . Whether you’re paying 40%  or 45% tax , there are several strategies you can use to reduce your taxable income and keep more of your hard-earned money. In this guide, Treggena Ltd  provides expert tax tips for income over £100k  and actionable advice to help you save on taxes. What is a High Earner in the UK? In the UK, a high earner is

Introduction to Tax Codes in the UK Tax codes are a crucial part of the UK's tax system, used by HM Revenue and Customs (HMRC) to determine how much income tax should be deducted from your salary or pension. Each tax code is made up of numbers and letters that represent personal allowances and special conditions that affect how much tax you need to pay. For many, understanding tax codes can be confusing, but it’s vital to ensure you're not overpaying or underpaying tax. We sp

When it comes to claiming a tax rebate, knowing what expenses you can include is key to ensuring you receive the maximum refund you're entitled to. Whether you're an employee, self-employed, or part of a specific industry, understanding which work-related costs are eligible for a rebate can help you reclaim hundreds, if not thousands, of pounds. This guide will walk you through the types of expenses that qualify for a tax rebate and break down the specific costs relevant to d

In the UK, the tax return represents a crucial document, typically known as the Self-Assessment tax return, which must be completed and submitted to HM Revenue and Customs (HMRC) by various individuals, businesses, and other organisational entities. This form serves as a comprehensive declaration of financial activities over the designated tax year, detailing various aspects such as income received, expenses incurred, and any other relevant financial information that may impa

Tax codes can often seem confusing, especially when you're trying to understand how they affect your income and the amount of tax you pay. Whether you're employed, self-employed , or receiving a pension, your tax code plays a crucial role in determining how much money is deducted from your earnings. In this blog, we'll break down what tax codes are, explain how to read and understand your tax code, and clarify what it means for your finances. By the end of this post, you'll

If you’ve paid too much tax in previous years and never claimed a refund, you may still be eligible to get that money back from HMRC. Many people are unaware that they can claim a tax refund for up to four tax years  after the overpayment. So, if you’ve been overpaying on your taxes, it’s not too late to reclaim what’s rightfully yours. How Far Back Can You Go? HMRC allows taxpayers to claim a refund for overpaid tax going back as far as four years . For example, if it’s the

Tax office reference numbers are crucial for managing your tax obligations as an employer in the UK. However, many business owners and employees might not be fully aware of what a tax office reference number is or where to find it. At Treggena Ltd, we aim to simplify tax-related matters for our clients. In this blog post, we will cover everything you need to know about tax office reference numbers, including: What a tax office reference number is Where to find it The differen

A P60 is a crucial document for employees in the UK, summarising the income and tax they've paid over the course of the tax year. If you're wondering, "What is a P60?", you're not alone—many people are confused by tax forms like the P45 and P60. In this blog, we'll dive deep into what the P60 form is, what it's used for, and what you should do with it when you receive it. Whether you're an employee, self-employed, or simply looking for answers, we’ll cover everything you need

Tax season can be a stressful time for many, but it doesn't have to be. By understanding how to maximise your tax refund, you can turn this annual chore into an opportunity to reclaim your hard-earned money. In this comprehensive guide, we'll share valuable tips and tricks to help you get the most from your tax return. Plus, we'll introduce you to our UK Tax Rebate Calculator  from Treggena Ltd, a powerful tool designed to make the process simpler and more accurate. Understan

As a business owner or self-employed professional, managing your expenses is crucial for maintaining profitability. One area where you can potentially save money is by claiming VAT on mileage. Understanding how to claim VAT on mileage can lead to significant savings for your business. This guide will walk you through the process of claiming VAT on mileage, the eligibility requirements, and the numerous benefits of making VAT on mileage claims, helping you save more on busines

If you’ve ever wondered about the 40% tax bracket  and how it affects your income, you’re in the right place. In this guide, Treggena Ltd  breaks down everything you need to know about the higher rate of income tax  in the UK, including who it applies to and how to reduce your tax liability effectively. Understanding the UK Tax System Before diving into the 40% tax bracket , let’s take a quick look at how the UK income tax system  works. Income tax is calculated based on you

Introduction to UK Tax Codes Tax codes are essential in the UK tax system as they determine how much income tax should be deducted from your earnings by your employer or pension provider. Each tax code is made up of letters and numbers, representing your personal tax allowances and any special conditions affecting your tax payments. Understanding your tax code can help you avoid overpaying or underpaying taxes. At Treggena Ltd , we often assist clients who are unsure about t

Understanding the 1257L Tax Code | Tax Code 1257L Explained If you've ever looked at your payslip or tax documents and wondered, "What does tax code 1257L mean?" you're not alone. Understanding your tax code is crucial for ensuring you're paying the correct amount of tax and can help you manage your finances better. Let's break down everything you need to know about the tax code 1257L, its implications, and why it's important. What Does Tax Code 1257L Mean? The tax code 1257L

In this blog, we'll explore the differences between tax rebates and tax returns to help you gain a clearer understanding of each concept. We'll discuss how each affects your finances, providing guidance on whether you might owe money to HMRC or be eligible for a refund. By the end of this post, you'll be equipped with the knowledge to make informed decisions and ensure you're not paying more tax than necessary. What Are Tax Rebates? A tax rebate is essentially a refund you re

What Does Tax Code K Mean? A tax code starting with "K" indicates that your total deductions exceed your total allowances. This often happens when you have untaxed income, taxable benefits, or tax owed from previous years that surpass your tax-free personal allowance. Instead of allowances reducing your taxable income, a "K" code increases it, ensuring the right tax amount is deducted. For example: If your tax code is K500, £5,000 is added to your taxable income, meaning you'

Ever felt like you've paid too much tax? You're not alone. Many people in the UK miss out on getting their overpaid tax back because the whole tax rebate process seems a bit complicated, or maybe "too good to be true". But don't worry, that's where a handy tool like a tax rebate calculator comes in. Let's break it down together. What is a Tax Rebate anyway? Think of a tax rebate like a refund. If you've paid more tax than you needed to, you can get the extra back in a tax ref

"A HEARTFELT FUNDRAISING EVENT" On Friday, March 29th, 2024, from 10 am to 2 pm, we are gearing up to host a Football Tournament Fun Day at Wellfield School, Wingate, with the sole purpose of raising funds for the Children’s Heart Unit Fund (CHUF). We need your assistance! We are actively seeking 56 players, both adults and of all genders, to form 8 seven-a-side teams for the tournament. We kindly request a minimum donation of £5 per player to participate, and these contribu