Personal Income Tax

This is related to individuals (not companies) and consists of potential tax liability on income you earn as individual such as:

• -Earnings from employment, including benefits in kind such as a company car
• -Earnings from self-employment
• -Pensions income, including state, occupational and personal pensions
• -Some social security benefits
• -Interest on savings
• -Dividends
• -Income from rent
• -Income from a trust
• -Overseas income
• -Gifts received from others

You won’t usually have to pay tax on all your incomes , even if they are all taxable, because you’ll be normally entitled to a certain amount of income tax free every tax year called Personal Allowance . The tax year for the purpose of Personal Income Tax runs from 6 April one year to 5 April the following year and it is important that :

• -You complete a self-assessment form correctly and on time
• -You pay to HMRC any due
• -You keep some records for a specific time should HMRC need to request them at some point

All this can be daunting if it isn’t part of your day to day routine . It shouldn’t be daunting any more as our teams can make it their own problems whilst you focus on what you do best. As UK Chancellor of Exchequer has released his budget plan for 2021 (and beyond to some extent) , our tax experts have already gone through the key lines such as the extension of the personal income tax allowance and the higher rate income tax threshold to £10,570 and £50,270 respectively  in 2021 (and frozen until 2026) and can help you minimize your tax liabilities.   For confidential , personalized advice or a quote for supporting you manage and plan for all your personal income tax (estimation , calculation , return) as well as payment of any due , please contact MouMou Tax specialists  contact us by phone on +44 1296 9262 55 , on WhatsApp +44 7578 2795 97  or by email at info@moumouaccountant.com  or click here