Income Tax Planning
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