Income Tax Wright Lilley & Co Accountants
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Income Tax

Income tax is potentially payable by everyone but there are rules which make life easier depending on circumstances.

If your income is less than £12,570 then you will not have to pay income tax.

You will have to complete a tax return and submit it to HM Revenue & Customs if you: -

  • Are self-employed;
  • Earn more than £50,000, even as am employee, and either you, your wife, or partner is receiving Child Benefit;
  • Are a company director;
  • Own land or property from which you receive a rental income;
  • Have other untaxed income which can't be collected through the PAYE system;
  • Make a capital gain in excess of the annual exemption limit; or Are an employee or pensioner with more complex tax affairs.

 

 

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