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    • Personal Taxation

    Everyone is required to contribute some form of personal taxation – the most common being National Insurance and Income Tax.

    What is personal taxation?

    With the ever-changing tax legislations, finding the time and developing the specialist knowledge to understand what’s required to manage your personal tax affairs can be difficult.

    Employers, or a professional accountant if you own a business, will deal with your personal Income Tax and National Insurance. By using the correct tax code monthly amounts will be deducted from your earnings.

    Income Tax is a government levy, collected by HMRC and is collectively used to fund public services such as the National Health Service, welfare support, education and community projects such as housing and transport networks – road and rail.   

    Lesser known personal taxation

    There is a long list of taxes that an individual may be required to contribute, usually the result of life incidents and family circumstances:

    • Capital Gains Tax from a property sale
    • Inheritance Tax – from assets or money left by a loved one
    • Tax returns and self-assessment
    • Savings and investment taxes
    • Trust fund taxes
    • Non-resident landlord schemes – for rent paid to landlords living abroad

    Taxes on savings, investments and trusts can vary significantly depending on age, the number of people (and their relationship) involved and the type of investment taken – dividends, shares or tax-free ISAs.

    Personal taxation and foreign countries

    You will be subject to tax responsibilities should you come to the UK from a foreign country or leave the UK to live elsewhere.

    Similarly, if you live or work abroad or offshore such as on an oilrig or as a holiday rep, but your country of residence remains in the UK, there may be implications to pay personal tax.

    Even foreign entertainers and sportspeople are subject to pay personal tax whilst in the UK.

    Support for personal taxation needs

    Taxation can be complicated but it’s worth asking questions and checking your personal circumstances – past, present or future – so that everything is transparent and legitimate.

    Key Accountancy Services work in partnership with you to ensure you have the basics, such as your self-assessment and savings, covered.

    Mandatory PAYE and National Insurance can be managed by our Diamond Payroll Solutions service for you and your employees and includes monthly pay slips and PAYE reporting.

    Should you or your business be involved with property, exports or imports, we have the knowledge to deal with personal (and business) taxation to give you the best position when it comes to outlay and/or savings.

    [FAQ] How do I check what’s required for personal taxation?

    Take advantage of our free consultation and talk to us face-to-face. Once we understand your circumstances we can best advise you on what will be required.

    Whether you require help with a small annual self-assessment submission or complex accounting that needs specialist personal taxation knowledge, we’ll keep you compliant and in pocket.

    “The services we use are for our yearly full accounts Ltd business, personal tax returns and payroll for the staff including sorting the pensions.”

    For no-nonsense accountancy support and advice, contact the Key Accountancy Services team today on 01782 405442 or send a message.

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