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What is the Tenancy Deposit Scheme (TDS)?
This is a government-backed scheme that protects a tenant and the deposit they initially put down when entering into a new tenancy agreement. This amount is decided by the landlord and is typically in proportion to the monthly rent up to a maximum of 5 weeks’ rent (or...
What is the marginal rate of tax?
The marginal rate of tax paid is “the percentage of tax paid on earnings for the next pound earned.” What that means is that if you earn £50,000 your marginal rate of tax is 40% because for the next pound that you earn, you will be paying tax at 40%. Below are the...
Bookkeeping advice when setting up a business?
When setting up a business it is important to make sure that your bookkeeping system is suitable for your type of business – and also for your skills. It should enable you to extract useful information (e.g. how much money have I got in the bank; who owes me money?)...
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