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UK Tax & Wealth Management

Information and background on Wealth Management Inheritance Tax, Investments, SIPPS, Non Doms & Tax.

 


UK Income Tax


Payable on most of what you earn, Income Tax is the primary personal tax in the United Kingdom. It covers anything you earn from employment, profits, interest on savings, many benefits (state or from your employer) and income from dividends or trusts. You won't pay income tax on certain state benefits, any income from premium bonds or National Lottery wins or certain tax exempt savings accounts although the details can be complicated. For comprehensive information on exactly how much income tax you are liable to pay it is important to seek financial advice, particularly if you are self-employed or have less than straight forward financial affairs.

The amount of Income Tax you pay depends on how much you earn, and most people are entitled to a tax free Personal Allowance of 10,600 GBP(2015). This is the initial amount of income on which you do not have to pay any tax at all. On any earnings between this amount and 31,785 GBP you will be liable to pay the basic rate of tax, which is 20%. Any earnings between 31,785 and 150,000 GBP will be taxed at the higher rate of 40%. Finally, any earnings over 150,000 GBP will be taxed at the highest rate of 45%.

Income Tax is calculated slightly differently on savings and interest. It is typically taxed at 20%, although this can be higher or lower depending on your total income.

Most people pay Income Tax via the Pay as You Earn (PAYE) system, which sees your employer deduct the relevant Income Tax and National Insurance Contributions from your wage and pay them on your behalf. Every individual member of the PAYE system has their own tax code, which instructs their employee exactly how much tax to deduct. If you are self-employed or have a particularly high income then you will pay tax through the Self-Assessment system, which required you to fill in an annual tax return.

Self Invested Personal Pensions


Hopefully, these will provide some useful background on the issue, and equip you to make informed decisions and choices in this most financially sensitive of areas.

If you would like further assistance or more information on this subject please contact us through this email link enquiries@taxworld.org

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