Personal Tax Services

Income tax in the UK is a tax levied on individuals’ income, including earnings from employment, self-employment, pensions, savings, and investments.

It’s important for individuals to understand their income tax obligations, keep track of their income and expenses, and file tax returns accurately and on time. Seeking advice from tax professionals can help individuals navigate the income tax system and ensure compliance with tax regulations.

Here at Cannytax, our expert tax advisors offer personal tax advice and provide a truly bespoke personal tax service that looks after all of your tax matters. Need help? Call us 0203 002 2027.

What is Income Tax?

Income Tax is a tax you pay on your income. You do not have to pay taxes on all types of income.

You pay tax on things like:

• the money you earn from employment
• profits you make if you’re self-employed – including from services you sell through websites or apps
• some state benefits
• grants and support payments made to you or your business because of coronavirus, including the Self-Employment Income Support Scheme, the Coronavirus Job Retention Scheme, the Small Business Grant Fund or the Retail, Hospitality and Leisure Grant Fund
• the Test and Trace Support Payment in England (or the Self-isolation Support Payment in Scotland and the Self-isolation Support Scheme in Wales)
• most pensions, including state pensions, company and personal pensions and retirement annuities
• rental income (unless you’re a live-in landlord and get less than the rent-a-room limit)
• benefits you get from your job
• income from a trust
• interest on savings over your savings allowance

You do not pay tax on things like:

• the first £1,000 of income from self-employment – this is your ‘trading allowance’
• the first £1,000 of income from property you rent (unless you’re using the Rent a Room Scheme)
• income from tax-exempt accounts, like Individual Savings Accounts (ISAs) and National Savings Certificates
• dividends from company shares under your dividends allowance
• some state benefits
• premium bond or National Lottery wins
• rent you get from a lodger in your house that’s below the rent-a-room limit

We are on hand to provide you with comprehensive and professional tax advice, with our services ranging from personal to corporate tax. Contact us today.