Income Tax is a tax on your income over an annually changing threshold. This includes earnings from employment, profits you make if you are self-employed, most pension income, interest on most savings, rental income and income from dividends. There are reliefs available to help you minimise your tax liability. You will need an accountant for Income Tax advice who can identify these reliefs and to help you file your Income Tax returns to HM Revenue and Customs (HMRC). Your local AIMS accountant can advise.
As with all taxes there are deadlines for submission of Income Tax returns and payment of outstanding tax – miss these and you could be liable for a fine from HMRC. Income Tax may seem like a minefield to any small business owner but to an AIMS accountant this is of course familiar territory.
AIMS accountants will make sure that your Income Tax returns are filed and any outstanding tax returns are paid on time – that’s the hard part taken care of. Our accountants will also take a close look at your business and will be able to advise and assist with all of your accounting and other tax requirements. This leaves you with peace of mind to run and develop your business.