Welcome to Summit Accounting

National Insurance (NI) is a social security tax paid by employees and employers in the UK. It funds state benefits such as the State Pension, unemployment benefits, and healthcare services. NI contributions are calculated based on an individual's earnings and are paid on earnings above a certain threshold.

Value Added Tax (VAT) is a consumption tax applied to the sale of goods and services in the UK. Most businesses are required to register for VAT if their taxable turnover exceeds the current registration threshold. Registered businesses charge VAT on their sales (output tax) and can reclaim VAT paid on their purchases (input tax). VAT returns must be submitted to HM Revenue & Customs (HMRC) periodically, typically quarterly.

You may be eligible for tax relief on contributions to a pension scheme. The amount of tax relief available depends on the individual's earnings and the type of pension scheme. In general, contributions to a registered pension scheme receive tax relief at the individual's highest marginal income tax rate, up to certain limits set by HMRC.

You may be eligible for tax relief on donations made to qualifying charities. Under the Gift Aid scheme, charities can claim back 25p for every £1 donated by taxpayers who have completed a Gift Aid declaration. Higher and additional rate taxpayers can also claim additional tax relief on their donations through their Self Assessment tax return.

In the UK, individuals have access to a wide range of investment options, including stocks (shares), bonds, mutual funds, exchange-traded funds (ETFs), property (real estate), commodities, and alternative investments such as cryptocurrencies and peer-to-peer lending platforms.

When choosing investments, it's important to consider factors such as your investment goals, risk tolerance, time horizon, and diversification. Additionally, you should research and evaluate factors such as the potential return on investment, the track record of the investment provider or fund manager, and the fees and charges associated with the investment.

They can help you assess your risk tolerance, select suitable investments, create a diversified portfolio, and monitor your investments over time to ensure they remain aligned with your objectives.

Investments in the UK may be subject to various taxes, including Capital Gains Tax (CGT) on any profits realized from selling investments, Dividend Tax on income received from dividends, and Income Tax on interest earned from savings accounts and bonds. It's important to understand the tax implications of your investments and consider tax-efficient investment strategies where possible.