Income Tax Expert Advice

We firmly believe that the service should be more than just completing an annual tax return. Instead we seek to gain a comprehensive understanding of each client’s financial matters – and, where appropriate, their personal and family matters.

Given the range of assets and needs across a family it is important to manage the amount of Income Tax that is paid and to ensure all individuals’ allowances that are available are not wasted.

Fusion offer a comprehensive tax return service to ensure that your tax return is completed accurately and filed on time, and your tax liabilities are calculated. We will deal then directly with HMRC on any issues that arise, so you can have peace of mind.

We also offer a tax free protection service so that if an enquiry is raised on your tax affairs by HMRC then our professional fees will be covered.

Income Tax

Rates of income tax vary depending on how much you earn.

Almost everyone in the UK gets a tax-free amount of £12,570, known as the personal allowance. Beyond that, income over the personal allowance is taxed at varying rates, based on how much you earn.  Note that, should your income exceed £125,140 in a tax year, you will no longer be in receipt of the personal allowance (rate for 2021/2022).

Tax returns are issued shortly after the end of the fiscal year. The fiscal year runs from 6 April to the following 5 April. Therefore the 2021/22 tax year runs from 6 April 2021 to 5 April 2022. Tax returns are issued to all those whom HMRC are aware need a return including all those who are self-employed or company directors.

You must submit online tax returns by midnight 31 January following the end of the tax year. Tax is also payable on this date. If you wish to file a paper return, you can still do so, but this has a shorter filing deadline of 31 October following the end of the tax year.