Personal Income Tax Advice
Every person residing in the UK is taxed on his income and is subject to UK personal income tax. There are four types of income tax namely: real estate, personal estate, professional and various other incomes, each of which is subject to its own tax jurisdiction. You need to pay tax on following things: The money you earn from your job Profits earned if you are self-employed. This includes online selling of products through website or apps. Pensions, including state, company and personal pensions as well as retirement annuities. Income from Rent Trust income Benefits you get from your employment. What is Income Tax Used For? HMRC collects the income tax on the behalf of the government. The income tax is used to provide funding for public services like NHS, education & welfare department and investment in public welfare projects like housing, railways and roads. From April 2018, the standard personal allowance increased to £11,850, this is the amount of money you can earn before you pay any income tax. The higher rate tax threshold increased to £46,350, this is the amount at which anything earned above this amount is taxed at a higher rate. The amount of Income-tax to be paid by you increases with increment in your income. Why Should You Look for a Professional Tax Accountant for Your Income Tax Management? Statistics show that 80% of taxpayers have benefited from having a professional tax accountant who takes care of their personal income taxes. At A to Z Accountants, we understand your concern about the right payment of your income tax to the Government. We are professionals and specialise in providing accurate personal income tax advice. Our expert team is aware of the ins and outs of tax payments. Our team is also aware of the latest changes in tax code, tax breaks, tax credits, tax deductions etc. How A to Z Accountants can help You? Our computer software will evaluate your tax return which will then be reviewed by a person from our expert team. Our staff will guide you regarding the adjustment in your payroll withholding to get more money back. We will explain to you the potential deductions to limit your tax liability for next year.