Income Tax & National Insurance
At SMH Chartered Accountants, we offer expert guidance and support for individuals, sole traders, and partnerships to ensure you comply with the latest legislation and pay the correct amount of Income Tax and National Insurance Contributions (NICs).
What is Income Tax?
Income Tax is a tax you pay on your income. Everyone who earns over £12,570 a year is required to pay Income Tax. As a taxpayer, it is your responsibility to ensure you pay the correct amount of Income Tax and submit your Self-Assessment tax return on time. However, we understand that the tax system can be complex, which is why our team of experienced accountants are here to guide and support you through the process.
Income Tax is by far the largest source of tax revenue for the UK government, it accounts for 27% of the total of all tax collected. National Insurance is the government’s second largest tax take at 19%. That makes 46% of total tax revenues between them, whilst Corporation Tax (which multi-nationals and private ltd companies alike all pay) makes up just 6%.
Our Income Tax service includes:
- Income Tax compliance
- Tax planning and advisory services
- Self Assessment tax returns
- Capital gains tax planning
- Inheritance tax planning
- National Insurance
What is National Insurance tax?
National Insurance is a system of social security contributions paid by workers and employers. As an employer, you are responsible for deducting National Insurance contributions from your employees’ pay and paying these to HM Revenue & Customs (HMRC) on their behalf. As an individual, you may be required to make National Insurance contributions depending on your employment status and level of income.
Our National Insurance service includes:
- National Insurance Contributions compliance and advice
- Payroll services
- P11D completion
- National Insurance contribution planning
Why Choose SMH Group?
At SMH Group, we understand that managing your income tax and national insurance can be time-consuming and complex. Our team of experienced accountants are here to provide you with the support and guidance you need to ensure you comply with the latest legislation and pay the correct amount of tax.
We work closely with our clients to understand their specific needs and tailor our services accordingly. Our aim is to provide a seamless service, giving you the peace of mind that your tax affairs are in order, allowing you to focus on your business.
If you need help with your Income Tax and National Insurance obligations, contact the SMH Chartered Accountants team on info@smh.group or 0114 266 443.
Please Note The Financial Conduct Authority does not regulate some form of Tax Advice.
The Enterprise Investment Scheme (EIS)
The Enterprise Investment Scheme (EIS) is a government initiative designed to encourage investment in small and medium-sized enterprises (SMEs) by providing a range of tax reliefs to investors who purchase new shares in qualifying companies.
The Seed Enterprise Investment Scheme (SEIS)
At SMH Chartered Accountants, our expert staff are on hand to assist with all tax responsibilities. We offer a range of services to help you manage your taxes and can help you with the Seed Enterprise Investment Scheme (SEIS)
