Self-assessment Tax Return
You have to pay tax on the money you earned from employment, profits you make if you are self-employed, grant or support payments made to you or your business, pension, rental income, benefits you get from job, income from a trust, interest on savings. However, there are allowances and reliefs on which you need to pay tax. Personal allowance on income is £12, 570. Basic tax rate income above £12570 is 20% and up to £50270 and above £50271 up to 150,000 have to pay tax at 40% and above £150,000 45%.
Please contact Henderson Royce to help you to deal with your self-assessment tax return.