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    INCOME TAX

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    Income Tax is a tax you pay on your income. You don’t have to pay tax on all types of income.

     

    You pay tax on things like:

    • Money you earn from employment.
    • Profits you make if you’re self-employed – including from services you sell through website or apps.
    • Some state benefit.
    • Most pensions, including state pensions, company and personal pensions and retirement annuities.
    • Rental income (unless you’re a live-in landlord and get less than the rent a room limit).
    • Benefits you get from your job.
    • Income from a trust.

     

    You don’t pay tax on things like:

    • Interest on serving under your savings allowance.
    • The first £1,000 of income from self employment- this is your ‘trading allowance’.
    • The first £1,000 of income from property you rent(unless you’re using the rent a room scheme).
    • Income from tax-exempt accounts, like individual saving account (ISA’s) and National Savings Certificates.
    • Dividends from company shares under your dividends allowance.
    • Some state benefit.
    • Premium bond or National Lottery wins.
    • Rent you get from a lodger in your house that’s below the rent a room limit.

     

    We can help complete your personal tax return completing and make best use of your allowances and reliefs.

     

    Most people in the UK get a personal allowance of tax-free income. This is the amount of income you can have before you pay tax. The amount of tax you pay can also be reduced by tax reliefs if you qualify for them.

     

    Simply click CONTACT and enter your details below then we’ll contact you to arrange a no-obligation Meeting.

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