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Income Tax


Income tax is payable on any earned income you receive. It is also payable on some forms of investment income, such as dividends from shares and taxable gains from Investment Bonds.

The key to Income Tax planning is to make use of your annual allowances, whilst also shielding the income source in question using the relevant tax wrappers, such as SIPP’s for commercial property and tax-efficient vehicles for investment portfolios (such as ISA’s and pensions).

We also have vast experience in dealing with the tax affairs of business owners, so we work closely with accountants to ensure that all income and capital is extracted as tax-efficiently as possible from the limited company.

If you have an investment portfolio, this too, can be managed and structured in such a way as to mitigate income tax.

Call us now on 0116 253 5600 to speak to a qualified adviser in confidence and with no obligation, or complete the enquiry form.

Individuals benefit from a Personal Allowance, before which Income Tax is payable. The Personal Allowance for most people in the 2014/15 tax year is £10,000. There are other allowances also available.

The rates of income tax are 20%, 40% and 45%. The corresponding dividend rates are 10%, 32.5% and 37.5%. The dividend rate is partially satisfied by a 10% tax credit given on dividends. Therefore dividends falling within the basic rate band do not suffer any additional tax. Savings income and dividends also benefit from a 10% starting rate if non-savings income is less than the starting rate band.

Bankfield’s Independent Financial Advisers specialise in Income Tax planning and have up to date qualifications to ensure that you receive the very best professional advice.

Tax treatment is based on individual circumstances and may be subject to change in the future. Taxation planning is not regulated by the Financial Conduct Authority. The value of investments and income from them may go down. You may not get back the original amount invested.