Additional Rate Tax

You may have a better understanding of your personal financial plan and budgets if you know how much income tax you will be required to pay and what tax bracket you belong into. If you start making more money, you may have to pay more tax because of the increased tax rate. Similarly, if your income decreases or your personal allowance increases, you might begin paying less. A progressive tax system illustrates that your tax rate will increase as your income increases. Those who earn more than £150,001 in taxable income must pay additional rate tax of 45 percent (or 46 percent in Scotland). This indicates that you will pay additional rate tax 45% of your total income in taxes. This covers your wage, self-employment income, and other sources of income like savings, interest and dividends.

How do I know an accountant is qualified?

Professional accounting bodies license accountants in the UK and elsewhere. These organizations provide both academic and practical training in accounting. Hire someone who has completed all the required examinations and has an accounting licence, whether for personal or business affairs.

Professional indemnity insurance (PII) is a contractual need for qualified accountants, and it protects both the accountant and the customers. If the accountant doesn’t follow your business interests or professional ethics, you may report them to their regulatory body. These are the top accounting institutions and their accompanying credentials in the UK.

ACCA – Chartered Certified Accountant (ACCA or FCCA)
Chartered Accountant (ICAEW) – (ACA or FCA)
Chartered Management Accountant (CMA) (ACMA or FCMA)
Chartered Accountants Ireland (CAI) (ACA or FCA)
Institute of Financial Accountants (AFA, FFA)

What services accountancy firm provide in the UK?

Although some accountancy firms will offer you a ‘one-size-fits-all’ solution, most services are more flexible than this. Accountancy packages can vary in the services they provide. Although there are certain basic functions which most accountants will provide (and which are generally included in a monthly fee), there may also be additional services available for an extra fee. These extras usually include Self Assessment Tax Returns, Payroll and workplace pension compliance, Limited Company Accounts, Tax advice/planning, VAT Returns and MTD.

Tax and accounting services are important to any business’s success. Tax time is a stressful time for everyone. We know that feeling, and we’re here to help! All around the year, we meet with hundreds of businesses to help them get ready for tax season. We provide our clients with expert advice to navigate tight deadlines and complex legislation, ensuring their taxation is handled proactively and effectively. Our team can handle any size business and will tailor our approach to suit the needs of your individual situation—so you can worry less about taxes and focus more on operating your business! With our team of qualified accountants, you can rest assured that your finances are in good hands. Our team of qualified accountants and tax consultants has broad skills and experience across all areas of accounting, taxation, tax planning, savings, and business investment.