Income Tax is a tax you pay on your income, although not all types of income are taxable. Most people are entitled to a ‘Personal Allowance’, which is the amount of income you can receive each year that you don’t have to pay tax on.
Income Tax is payable on: earnings from your employment, earnings from self-employment, receipts from most pension schemes (including state, company and personal), interest generated on most savings accounts, income from shares, rental income and income you receive from a trust. Essentially, you are and will be taxed, on almost every penny you earn that is above your Personal Allowance.
By providing you with the latest personal and corporate tax advice, our tax consultants aim to reduce the amount of Income Tax you pay and keep the money you earn where it belongs — with you!
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