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.
As with all taxes there are deadlines for submission of Income Tax returns and payment of outstanding tax – Miss these deadlines and you could be liable for a fine from HMRC.
- Anyone who receives income that is not taxed at source needs to complete a self assessment
- There are reliefs available to help you minimise your tax liability.
A qualified accountant will be able to identify these reliefs and advise on what your liability is
Income Tax may seem like a minefield to any small business owner but to an AIMS accountant this is of course familiar territory.
All AIMS Accountants will deal with the entire income tax process including liaising with HMRC.
With our network of over 200 professionally qualified accountants there is an AIMS Accountant who will be able to assist you and your business – Get in touch today.