Accountancy

Taxable income

Finsol Tax Advisors is a professional firm of Accountants Uxbridge offering accounts, taxation and business advisory and support services to a wide range of businesses and individuals.

Taxable income: It is the amount of income used to calculate an individual’s or a company’s income tax due. Taxable income is generally described as gross income or adjusted gross income minus any deductions or exemptions allowed in that tax year.

Some social security benefits and pensions:

The following social security benefits and pensions are taxable:

  • Bereavement Allowance
  • Career’s Allowance
  • Employment and Support Allowance – contributory and youth
  • Incapacity Benefit – except for the first 28 weeks (higher rate) and those who were receiving the former Invalidity Benefit at 12 April 1995 for the same incapacity (long term)
  • Income Support paid to people who are on strike
  • industrial death benefit pensions
  • Jobseeker’s Allowance – both contribution-based and income-based up to a taxable maximum
  • State Pension
  • Widowed Mother’s Allowance
  • Widowed Parent’s Allowance
  • Widow’s Pension.

Additions for dependent children paid with any of the above benefits are not taxable. An addition for a spouse or civil partner is taxable.

We can help any business manage their accounts easily and efficiently. Contact us for more information regarding any of our services!

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