Monday 28 May 2012  

Glossary

Income Tax

Income tax is paid by individuals in all income where ever it may arise e.g. salary, interest, rent, dividends etc.

The income tax year runs from 6 April to 5 April each year.

Where applicable individuals would complete a self assessment return to record their income and the amount if income already paid.

The return would be used to calculate any additional tax to pay or in some cases where a refund may be due.