why do we pay income tax uk
This is the system your employer or pension provider uses to take Income Tax and National Insurance contributions before they pay your wages or pension. Your
tells your employer how much to deduct. Your tax code can take account of, so if you owe tax on them (for example for the State Pension) itБs usually taken automatically from your other income.
If the State Pension is your only income, HM Revenue and Customs ( ) will write to you if you owe Income Tax. You may need to fill in a Self Assessment tax return. If your financial affairs are more complex (for example youБre self-employed or have a high income) you may pay Income Tax and National Insurance through. YouБll need to fill in a tax return every year.
You must also бе1,000 from self-employment бе2,500 from other untaxed income, for example from tips or renting out a property if your income from renting out a property was between бе1,000 and бе2,500. Income Tax is a tax you pay on your income. You donБt have to pay tax on all types of income. profits you make if youБre self-employed - including from services you sell through some most pensions, including state pensions, company and personal pensions and retirement annuities rental income (unless youБre a live-in landlord and get less than the the first бе1,000 of income from the first бе1,000 of income from (unless youБre using the income from tax-exempt accounts, like dividends from company shares under your some rent you get from a lodger in your house thatБs below the Most people in the UK get a 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 if you qualify for them.
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