Key areas we advice on includes
Income Tax
How much Income Tax you pay in each tax year depends on:
● how much of your income is above your Personal Allowance
● how much of your income falls within each tax band
I. Your tax-free personal allowance
The standard Personal Allowance is £12,570, which is the amount of income you do not have to pay tax on.
Your Personal Allowance may be bigger if you claim marriage allowance. If you are married or in a civil partnership, you may be able to claim marriage allowance to reduce your tax if your partners’ income is less than the standard Personal Allowance.
Your Personal Allowance is smaller if your income is over £100,000. Your Personal Allowance goes down by £1 for every £2 that your adjusted net income is above £100,000. This means your allowance is zero if your income is £125,000 or above.
The good news is that you can use many more tax-efficient schemes to reduce your income tax liability to Zero. Our primary focus is to reduce your income tax liability by implementing tax efficiency schemes.
II. Additional allowances
You may get up to £5,000 of interest and not have to pay tax on it. This is your starting rate for savings. You may also get up to £2,000 of dividend and not have to pay tax on it. This is your dividend nil rate band. You may also have tax-free trading allowances for your first £1,000 of income from self-employment. You may also have a tax-free income of either £1,000 or £7,500 of income from property rental income.
III. Our Fees
Our annual fees starts from £240 for self-assessment tax services.