Income Tax Planning

  • Income Tax Planning 1

The most common reasons that a Self Assessment Tax Return may be required are as follows:

  • You are self employed or a partner in a partnership
  • You are a company director
  • You have large amounts of savings or investment income
  • You have untaxed savings or investment income
  • You own land or property that is being let
  • Your household receives Child Benefit and you have income in excess of £50,000
  • You have income from overseas
  • You have sold or given an asset away (such as a holiday home or some shares)
  • You’ve lived or worked abroad or aren’t domiciled in the UK

Personal income between £100,001 and £123,000 is taxed at an effective rate of 60%. This is due to the loss of the personal allowance.

Personal income over £150,000 is taxed at 45%.

Individuals may be able to reduce the income being taxed at these high rates of tax by taking advantage of the following:

  • passing income yielding assets to a spouse with lower income
  • deferring income to a later tax year
  • making pension contributions
  • making Gift Aid payments.

By giving you a fixed, competitive price, we can take the worry away when it comes to self assessment tax return.

For more information, please contact us

self employed      partnership     company director