In the UK, the taxes that are derived from businesses and individuals keep the country operational. However, that does not mean you want to be over generous in this respect. When you consider that UK taxpayers spend several billions of pounds more per year than what is required, you need to rely on the services of a tax specialist.
Why Working with Accountants Is Important
When you consult with accountants in Leatherhead, you will find that the government allows taxpayers a number of opportunities to reduce what they pay in taxes. If you do not work with accountants, you may not be aware of all these deductions.
Needless to say, the UK tax law can be complex. It becomes even more complicated if you have several income sources or you operate a business.
What Are You Paying in Taxes?
A number of factors determines what you pay in taxes, including the following:
- What you do for a living
- Your personal circumstances
- What you have in savings
When Too Much Tax Is Paid
People often pay too much tax because they fear what consequences they may face if they do not pay enough of a remittance. Too much tax is often paid in the following areas:
- Savings
- Inheritance tax (if the taxpayer does not pre-plan)
- Capital gains – when shares or stock are not held in an Individual Savings Account (ISA)
- Retirement planning – when adequate payments are not paid into pension accounts
Set an Appointment Today
You can get a better grip on your tax situation by speaking to a tax professional. Make an appointment today so you can better understand how you can save money.