Income tax covers a wide range of areas which must be considered when paying personal tax. Glasgow accountants, The Kelvin Partnership, can help you to understand the different elements of income you need to consider when doing your personal taxes. The different areas covered by income tax include: money you earn from employment; profits you make if you are self-employed; any benefits you receive; rental income etc. etc. Ensuring that you include everything can be a challenge, but an accountant can help you to complete your income tax correctly and legally.
How Do You Pay Income Tax?
One of the obvious pieces of personal tax advice we can offer is all about income tax! Income tax can be paid in one of two ways, through pay as you earn (PAYE) or self-assessment tax returns. The majority of people pay tax through PAYE which is a system your employer uses to take income tax and national insurance contributions before you are paid. Your tax code tells your employer how much to deduct as it takes account of any benefits etc. which may influence the amount of tax payable.
Some people are required to complete a self-assessment tax return. This must be completed if your finances are more complex. An accountant can identify whether you will be required to complete a tax return.
Personal Tax Advice
Completing a tax return and correctly providing details of your tax code can be a confusing process. Fortunately, Glasgow accountants, The Kelvin Partnership, can help you. Whether you are unsure about a tax return, or if you are puzzled by inheritance tax, we can help you. Our chartered accounting firm also offers many business accounting services! If you are starting a business or are in need of a outside look into your company, check out our last post about how we can help.
Get in touch if you are interested in our personal tax services, or any of our other accounting services, we would love to hear from you.