Income Tax

Income tax is a direct tax you pay on any income where you receive over a certain level.

This includes:

• Income from your employment
• Income from your pension
• Income from the interest on your savings or dividends
• Rental income.

What is a personal allowance?

A personal allowance is the amount of income a person can receive before being taxed. Most people have a personal allowance.

For 2018 to 2019, the basic personal allowance is £11,850 but it can be higher for people over a certain age. Generally speaking, anything over this level will be taxed.

Understanding income tax deductions

For many people, the majority of income tax is deducted at the source, so they often overlook it. For example, as the tax is deducted from their income or from bank interest, they may not realise how much they are actually paying throughout the year.

How we can support you

At Taylor Bracewell our wills and probate solicitors can offer a wide range of expert income tax advice and support. Contact our solicitors in Doncaster on 01302 341414 or our solicitors in Sheffield on 0114 272 1884.

We can also help with any of the following: