Self Assessment and Tax Returns
Income tax applies to the amount of income after deduction of personal allowances.
Income is taxed in a specific order with savings and dividend income taxed last.
A personal allowance gives an individual an annual amount of income free from income tax.
Income above the personal allowances is subject to income tax.
At Cox Costello & Horne we can assist with any queries you have surrounding rates and allowances.
Insights and latest news
Effectiveness of OTS set to be reviewed by Treasury
The call for evidence also asks stakeholders whether they believe the OTS is sufficiently independent from the government, and whether it has the correct breadth of expertise on its board.
Data finds HMRC received 91,000 calls to report fraud in first months of pandemic
'With so many fraud allegations being made to HMRC during the COVID-19 crisis, there is no doubt that many of them will end up being false,' said Kevin Igoe, Managing Director at PfP.
UK economy shrank 1.5% in first quarter of 2021
School closures and a large fall in retail sales earlier in the quarter dragged down economic growth, said the ONS. The economy is now 8.7% smaller than before the pandemic.