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Posts tagged “Personal Tax”

While you were studying at university, loans from the Student Loans Company to cover the cost of fees and maintenance costs may have seemed like a godsend. But once you’ve donned the cap and gown and began post-student life in the workplace, you’re faced with the joyous task of having to repay them. 
 
If you’re a permanent or agency employee, you’ll likely give these repayments little thought. Like income tax and national insurance contributions, student loans are deducted for you, before you receive your net income. And unless you keep a close eye on your payslips, you may not even know how much you’re repaying each month. 
 
For contractors, this responsibility is all yours at the end of each financial year, so it’s important to be aware of how and when you should go about making repayments. 
With the self-assessment deadline (31 January, if you have forgotten) fast approaching, one of the most common questions we hear is "What do I do if I can't pay my tax bill?" If you are struggling with paying that dreaded tax bill, whether it be your self-assessment (personal tax), corporation tax or VAT, we have some advice for you... 
The Chancellor Philip Hammond delivered his Autumn Budget speech on 22 November 2017, at 12:30pm. The key points for freelancers, contractors and small business are set out below. 
Due to the changes to the tax rates on dividends that came into effect from 2016/17, many freelancers, contractors and small business owners may find that they fall into the self-assessment payments on account regime for the first time this tax return season. But what does it mean? 
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