KRA Income Tax Advice
Income Tax is arguably the most understood of all of the taxes, as most of the population pay it in a very visible way. Since the introduction of self assessment, the self employed, the employed, investors and trusts all need to understand the new rules, to minimise their overall tax exposure.
If you are selected by the Inland Revenue to fill in a self assessment tax return, because you are self employed, a higher rate taxpayer, a director, a property investor, or another reason, you need to make sure than your self assessment tax return correctly discloses all taxable income sources. You will also wish to make sure that it claims all valid tax deductions.
Specific areas which we are typically asked to advise on include:
- Taxation on buy-to-let properties letting accounts,
- Disclosure and taxation of benefits in kind,
Income tax on pension and investment income
- Utilising both spouses’ basic rate income tax bands and taxation of the family,
- Claiming maximum relief for contributions into pensions.
Disclosing and then agreeing your income tax liability with HMRC is principally achieved by the completing and filing of a self assessment tax return.
Understanding this complicated tax system and paying the minimum amount of income tax, at the correct time, in the correct way, is what most clients seek. We at KRA are ready to discuss any aspect of these things to keep your mind at ease.