Ainsworth & Co, Chartered Accountants and Business Advisors.

Income Tax Guide

What is Income Tax ?


Our Basic Guide to UK Income Tax


Income Tax is the main UK tax for individual people, including Self-Employed Sole Traders.

The UK Income Tax Year runs from 6th April in one year to 5th April in the next year.


What Income is Taxed by Income Tax ?


These are the main areas of personal income which are taxed as Income Tax:

• Salaries and Wages for people who are Employed, paid by PAYE
Self-Employed businesses, paid under Self Assessment for businesses
• Pensions
• Interest on Savings
Dividends
Property Rental Income
• Income from a Trust


Self Assessment


If you have a variety of sources of income, you will probably need to file a Self Assessment tax return to HMRC, either on paper by 31st October, or online by 31st January, following the previous 5th April.


GOV.UK and HMRC Links


GOV.UK : Income Tax
Self Assessment Check


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