Income Tax

Tax paid on income. Various Bands dependent upon your income. The more you earn the more you pay (probably).

 

Income Tax is a tax you pay on your income.

You pay tax on things like:

  • money you earn from employment
  • profits you make if you’re self-employed
  • some state benefits
  • most pensions, including state pensions, company and personal pensions and retirement annuities
  • interest on savings and pensioner bonds
  • rental income (unless you’re a live-in landlord and get £4,250 or less)
  • benefits you get from your job
  • income from a trust
  • dividends from company shares

You don’t pay tax on things like:

  • income from tax-exempt accounts, like Individual Savings Accounts (ISAs) and National Savings Certificates
  • some state benefits
  • premium bond or National Lottery wins
  • the first £4,250 of rent you get from a lodger in your home

 

Most UK residents will get a tax free personal allowance.

Income Tax Rates can be seen here

 

Need to Talk Tax? Give us a call on 01296 613355