Young & Co.

CHARTERED ACCOUNTANTS AND REGISTERED AUDITORS

 

 

Income Tax Information

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   As the proverb says, only two things in life are certain: Death and Taxes!

Whilst we can never guarantee a reduction in your tax bill, you can be assured that we will do everything we possibly can, on your behalf, to ensure you only pay the absolute minimum.

We all pay tax, whether we are "employed", "self-employed" or in a "partnership".  However, the Government has a table of "allowances" that can be deducted from our income before we pay tax.  These allowances are*;

 

  

 

 

 
  Personal Allowance  available to everybody 6,035  
  Age Allowance 65 to 75 year olds 9,030  
  Age Allowance 75 and over 9,180  
  Married couples allowance either spouse 65 to 75 years old at 5 April 2000 6,535  
  Married couples allowance either spouse over 75 years old at 5 April 2000 6,625  
  Blind person 1,800  
       
 
 
  Rates of Tax    
       
  Taxable income (total income less any relevant allowances) between £0 - £34,800 20%  
  Taxable income over £34,800 40%  
       
  A single or married person, under the age of 65 can earn up to £40,835 before coming a higher rate tax payer    
   

More information is available from the Revenue web site

 

    
  * All figures quoted are based on the 2008/2009 tax year