Personal Tax

Income Tax

Income tax is a tax levied on the income of individuals on

  • Earnings from Employment
  • Pensions
  • Investment Income
  • Profits from Sole Trader / Partnership Business
  • Rental Income

If you are an employee with earnings from your job and income from investments, which together exceed £42,475 (Tax Year 2012/13) or Profits from a Sole Trader/Partnership Business, a Director in a Private Limited Company there is a requirement for you to complete an annual Self Assessment Tax Return and file this with HM Revenue & Customs by 31 January following the 5 April tax year end.

Self Assessment means you have to tell the tax man what income you have and how much tax you are due to pay.

There are penalties that could exceed a £1,000 if you do not meet this obligation.

Self Assessment Income Tax Return

Edward Lowe Accountants will complete your Self Assessment Tax Return calculate the income tax due and tell you when this has to be paid.

More importantly we will

  • make sure that any reliefs available are claimed to minimize the amount you have to pay.
  • File the return on time to ensure no penalties are due

This service is provided at a Fixed Fee agreed before we commence the work.

 

 

 

View the latest Income Tax Rates

 

View the latest Income Tax Reliefs