Income Tax Accountants
Finance Equation are income tax accountants. Your yearly self-assessment tax return is the normal route to inform HMRC of your income tax. Your self-assessment tax return should be submitted and tax paid within ten months of the tax year end. i.e by 31st January for the previous year’s 5th April tax year end.
The UK Government provide a guide on income tax and self-assessment right here.
What is Income Tax?
This tax is charged on all your Earned income above your personal allowance. For the tax year 2020-21 the personal allowance is £12,500 i.e. you can earn £12,500 and not have to pay any income tax. Anything you earn above this amount is taxable at varying rates. The types of income that are taxable – some state benefits, income from a job, profits made from self-employment, bank interest received, property rental income, benefits in kind from employment, dividend income above £2,000, income from a trust as well as income from most pension schemes.
There are some state benefits which are not taxable details can be found on the UK Government website.
How can we help you?
At the Finance Equation we are passionate about helping our clients keep more of their money. If you are worried about your overall tax position our tax experts can definitely help you. We recognise that tax is a cost just like any other business cost. So we will pro-actively use every legal option to reduce your overall tax liability. HMRC have a ream of Extra Statutory Concessions that provide reliefs over and above that given by law. We do a continual review of these ESC to see what new. We will even take a look at your overall tax position to see if you would save money by incorporating your business.