A nyone acquiring income any source is liable to pay income tax, whether you are an employee or self-employed. Even people making income from pension or saving are liable to pay income tax according to the UK taxation norms. There are no age limits whatsoever for income tax payment, but there is an income limit only beyond which the individual has to pay income tax. The government has defined the income sources which are taxable. The income classes that are payable are employment earnings, self-employment, pensions, security benefits, savings interest, shares, rental and from a trust. There are several clauses concerning each income class and the experts at Aslam and Co will help you with filing your income tax.
Income Tax calculation follows specific steps and the rules are complicated. It takes the sum total of profit from all the taxable income sources. The rules also give a full list of non-taxable sources like housing, pension credit, disability living allowance and many others. There are several other ways by which you can gain tax relief over expenses like employee payments. The whole system is complicated that calculating this by oneself is impossible. We, at Aslam and Co will take care of your income tax calculation taking all aspects into consideration.
There are many routes by following which you can gain income tax mitigation. With the increasing tax hike, everybody is looking to ways to reduce or even avoid income taxes. Our experts at Aslam and Co will provide you with financial advice regarding this by using the UK tax norms to the best. Proper allowance management and financial structures can prove helpful in avoiding income tax. We keep in touch with the clients updating them regularly regarding any kind of change in the norms and better investing aspects to reduce the income tax payable.
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