Income Tax

Simply, income tax is tax on income. Not all income is taxable, taxable income includes:

  • Earnings from employment/self-employment
  • Pensions income
  • Interest on most savings
  • Income from shares (dividends)
  • Rental income
  • Income paid to you from a trust

Almost everyone resident in the UK receives a Personal Allowance, which is an amount of taxable income you can earn tax-free each year.

To see what the current allowances and tax rates are, please click here

Income tax is collected in various ways depending on whether you are self-employed, employed or not working, including:

  • Pay as you earn (PAYE)
  • Self-assessments
  • Tax deducted 'at source'
  • One-off payments

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