Payroll Giving is a method of making charitable donations that can bring some tax benefits. These donations can be set up to be automatic regular payments.
If a donation is made using a Payroll Giving scheme, it is deducted from gross pay after National Insurance but before Income Tax has been removed. This means Taxable Income has been reduced and Income Tax obligations will be lower. Thus, Payroll Giving schemes are a Tax-Efficient method of donating to charities. It is an alternative to donating us Gift Aid.
Donations can be set up to be paid regularly but the charity must be on HMRC's list of approved charities.
There are loads of different tax laws in the United Kingdom. IR35 is very important to freelancers and contractors but can be a little confusing. Here, we explain simply what IR35 is and who it can affect.Read more
Self-employed individuals can use two different methods to expense business vehicle costs. Here, we investigate the positive and negatives for both methods and which one might be right for you.Read more