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INCOME TAX

INCOME TAX? WHAT FOR?..

Since introduced, Income Tax has never been popular, and why should it? You have to pay, and its so annoying! Its everywhere for a small purchase to what you take home.
But do you know exactly what you pay Tax on? UAS has some information below to get you savvy in no time!!
 

So, here we go!

 
You pay tax on things like:
 
money you earn from employment
profits you make if you’re self-employed – including from services you sell through websites or apps
some state benefits
some grants, including the Self-Employment Income Support Scheme, the Small Business Grant Fund, the Retail, Hospitality and Leisure Grant Fund and the Coronavirus Job Retention Scheme
most pensions, including state pensions, company and personal pensions and retirement annuities
rental income (unless you’re a live-in landlord and get less than the rent a room limit)
benefits you get from your job
income from a trust
interest on savings over your savings allowance
You do not pay tax on things like:
 
the first £1,000 of income from self-employment – this is your ‘trading allowance’
the first £1,000 of income from property you rent (unless you’re using the Rent a Room Scheme)
income from tax-exempt accounts, like Individual Savings Accounts (ISAs) and National Savings Certificates
dividends from company shares under your dividends allowance
some state benefits
premium bond or National Lottery wins
rent you get from a lodger in your house that’s below the rent a room limit
If you only occasionally sell items or rent out property (for example through auction websites or short-term rental apps), check if you need to tell HMRC about this income.
 
The above information are the more general Tax points you would need to know. If you require a more detailed summary for personal or business, please contact us, we are here to help! 
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