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    • March 2022 (2) 2 posts
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    High Income Child Benefit Tax Charge
    Jane Wu LLB ACA
    • 2 min

    High Income Child Benefit Tax Charge

    You may have to pay additional tax if you receive child benefit and have income over £50,000 You are entitled to child benefit if you have parental responsibilities for children under the age of 16. It's the governments way of acknowledging the significant cost of raising a child and adds up to a valuable benefit over the course of childhood. However, if you or your partner has adjusted income* of over £50,000 and one of you is receiving child benefit, then the higher earner
    57 views0 comments
    National Insurance
    Jane Wu LLB ACA
    • 2 min

    National Insurance

    Check if you have any gaps in your National Insurance record
    90 views0 comments
    Does the taxman need to know about your side-hustle?
    Jane Wu LLB ACA
    • 2 min

    Does the taxman need to know about your side-hustle?

    Hint: almost definitely yes! When does that hobby turn into a business? That side-line become taxable? 'Trade' Trading profits are taxable. So what is 'trade? There is no statutory definition, but indicators have emerged through case law. The following 'badges of trade' indicate trading is taking place: Was the intention to make a profit? Yes indicates trade (even if you actually make a loss) Is it a one off or are there repeated transactions? The more repeated and system
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