Income Tax

Income tax is a tax levied directly on personal income. To put it simply, income tax is the tax on your earnings. Once your earnings go above your personal allowance you must pay tax on the following sources of income:

Income from employment
Income from pensions
Interest on savings
Rental income
Employmentbenefits
Income from a trust

Income tax is a sad fact of life and if you receive income from any of the above sources you may need to file a self-assessment tax return.

Tax Planning advice is not regulated by the Financial Conduct Authority

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