The UK government collects a number of taxes from UK individuals. The most common of these is Income Tax.
Income Tax is collected or deducted from most sources of income, including earnings, dividends and interest. The percentages used to calculate the amount of Income Tax due is dependent on the type of income received.
For example, the PAYE systems collect tax at the appropriate rate (current basic rate is 20%). If the person earns above a certain amount, they may be required to pay tax at a rate of 40% on any earnings above the higher rate tax band.
The government sets an initial earnings limit of £6,035, which is
free from tax. This is known as the personal allowance, and this increases when a person reaches a certain age. Income received up to this band should not have tax deducted, and if this appears to have occurred, we recommend you contact your local office
to discuss your options.
HW provide a number of management information services, ranging from giving you advice on your bookkeeping,
installing computerised accounting systems, or preparing regular management accounts and reports for your business.
Different types of income attract different Income Tax rates, ranging from 10% upwards. Because of this, it is possible to arrange your income so that it maximises the benefits of these differing ranges, thus reducing your Income Tax liability.
HW continually revise new strategies to reduce the impact of Income Tax
for business owners and directors. Our pro-active approach to tax minimisation helps
us to provide our clients with the best possible advice when dealing with their
Income Tax requirements.
Setting up in Business 