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UK Income Tax Introduction

Updated:2018-1-9 16:47:49    Source:www.tannet-group.comViews:263

UK Income Tax is a tax you pay on your income. You don’t have to pay tax on all types of income.

You pay tax on things like:
1. money you earn from employment;
2, profits you make if you’re self-employed - including from services you sell through websites or apps;
3. some state benefits;
4. most pensions, including state pensions, company and personal pensions and retirement annuities;
5. rental income (unless you’re a live-in landlord and get less than the rent a room limit);
6. benefits you get from your job;
7. income from a trust.

You don’t pay tax on things like:
1. interest on savings under your savings allowance;
2. income from tax-exempt accounts, like Individual Savings Accounts (ISAs) and National Savings Certificates;
3. the first £5,000 of dividends from company shares;
4. some state benefits;
5. premium bond or National Lottery wins;
6. rent you get from a lodger in your house that’s below the rent a room limit.

Income Tax allowances and reliefs
Most people in the UK get a Personal Allowance of tax-free income. This is the amount of income you can have before you pay tax.The amount of tax you pay can also be reduced by tax reliefs if you qualify for them.

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