Personal Tax in Nottingham
Personal Tax
What is Personal Tax?
The individual income tax (or personal income tax) is a tax levied on the wages, salaries, dividends, interest, and other income a person earns throughout the year. The tax is generally imposed by the state in which the income is earned. However, some states have reciprocity agreements with one or more other states that allow income earned in another state to be taxed in the earner’s state of residence.
What Does Personal Tax Apply To?
Personal income tax applies to the following entities:
- Self-employed individuals
- Full-time employees
What Is a Tax Return?
A tax return is a special document filed with the tax authority that contains information needed to calculate taxes for an entity. The document specifies reported income, expenses, and other financial information. It consists of three sections:
- Income (mentions all sources of income of an entity)
- Deductions
- Tax credits
After accounting for tax benefits, taxpayers arrive at their tax return, which is the amount owed to the government in taxes.
Typically, tax returns must be filed annually.
How can Seagrave French help you?
How can Seagrave French help you?
“Need help with your Tax Return or want to pay less tax?”
Personal tax services are available both for business owners and private individuals including…
- All aspects of Self Assessment
- Dealing with Tax Returns
- Tax enquiries
- Computation of liabilities
- Tax disputes
- Correspondence with HMRC
- Inheritance tax planning
- Tax Investigation Fees Protection
- Trusts
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