Income Tax

 

Income Tax is a tax on income. Not all income is taxable and you're only taxed on 'taxable income' above a certain level. Even then, there are other reliefs and allowances that can reduce your Income Tax bill - and in some cases mean you've no tax to pay.   

 

What counts as taxable income?

 

• Taxable income includes:
• earnings from employment 
• earnings from self-employment 
• most pensions income (State, company and personal pensions) 
• interest on most savings 
• income from shares (dividends) 
• rental income 
• income paid to you from a trust

 

 

Non-taxable income

 

There are certain sorts of income that you never pay tax on. These include certain benefits, income from tax exempt accounts, Working Tax Credit (WTC) and premium bond wins. These income sources are ignored altogether when working out how much Income Tax you may need to pay.



Your personal tax affairs can benefit significantly from professional advice. The service we can offer ranges from the calculation of tax liabilities and preparation of returns to advice on pensions, investments, annuities, share options, Capital Gains and Inheritance Tax.

 

Through tax planning can reduce your exposure to taxation and make a real impact on your finances.

 

 

 

Tax Returns

 

Each one of us - with the exception of employees with no other taxable income - has to file an annual Income Tax Return with the Inland Revenue.

 

Many of us find these tax returns confusing and complicated. It is estimated that some 10% of all income tax assessments issued by the Inland Revenue are incorrect - invariably in favour of the Inland Revenue. Nevertheless, there are automatic penalties for submitting Returns late and for errors made by the taxpayer.

 

With the introduction of Self Assessment, more and more taxpayers are turning to tax professionals for help in dealing with their tax affairs and with the Inland Revenue. For many people, their personal finances are inextricably linked to their business affairs.

 

 

 

Personal Tax Planning

 

Anderton's clients also number many individuals for whom we provide guidance and advice on dealing with all aspects of personal tax matters, as well as assisting with personal investment planning and pensions and insurance of all kinds.

 

Regardless of the complexity of your personal finances, Anderton's range of services is both comprehensive and flexible, saving you time for other things and removing the worry from your mind.

 

Planning to buy a house? Planning for retirement? About to benefit from an inheritance? Andertons can help.

 

Our expertise is in the kind of financial planning which ensures that you meet your objectives while still making provision for a financially secure future.

 

 

Andertons can assist you with: 

• Preparing & submitting Income Tax
• Preparing and filing personal tax returns
• Tax planning
• Personal investment advice
• Inheritance tax planning
• Capital gains tax planning

 

 

Please contact us to discuss how we can help you, for more information or to arrange a no obligation meeting.