Income Tax & National Insurance
Income Tax is by far the largest source of tax revenue for the UK government, it accounts for 27% of the total of all tax collected. National Insurance is the government’s second largest tax take at 19%. That makes 46% of total tax revenues between them, whilst Corporation Tax (which multi-nationals and private ltd companies alike all pay) makes up just 6%.
A ‘Basic rate’ taxpayer will generally contribute 32% of their earnings once they earn more than £11000 per annum (in 2016/17).
Most ‘Higher rate’ taxpayers can expect to contribute 42% of their earnings, and ‘Additional rate’ payers contribute a generous 45%.
Income tax therefore concerns almost everyone, but fortunately, there are ways to reduce the amount of Income Tax and NI you pay and we have the expertise and knowledge to advise you on how to do so.
If you are interested in discussing your options please give us a call so that we can arrange a meeting to discuss.
The following are examples of just some of the ways in which Income Tax can be saved, but only if you get the right advice and at the appropriate time:
- Trick or treat? Chancellors budget set for late October
- Draft Finance Bill 2019
- What is ‘Making Tax Digital’?
- Expenses if you are Self-Employed
- Income from jointly held property – Spouses
- Why outsource your payroll?
- Agricultural Property Relief
- Entrepreneurs Relief
- Running a home office – can you claim on expenses?
- Are you Starting a New Business Venture?