Having a stable income comes with some additional responsibilities. Mainly, the submission of your self-assessment in order to pay your income tax. While it may seem straight-forward, there are many exceptions and rules that need to be taken into consideration before doing your self-assessment. Making use of the services of a registered accountant can help you get the most out of your self-assessment.
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As of November 2022, an annual income of up to £12,570 is considered a tax-free personal allowance. In essence if you are making £12,570 or less yearly, you do not need to pay income tax
If you are making more than £12,570 a year, or £1047.50 a month, you need to register for self-assessment and pay income tax.
*Please note that we strive to keep this page up to date as frequently as possible. However, these rates are subject to change without notice and may be out of date. To ensure that you fall within the personal allowance bracket, please visit Gov.Uk to see the latest news and information on personal income tax.
What is Self-Assessment in the United Kingdom?
The Self-Assessment is a system that is used by the HMRC in the United Kingdom to collect income tax from individuals earning more than £12,570 annually. Tax is usually automatically deducted from your wages, pension and savings.
The Self-Assessment is meant for individuals operating as sole-traders, or acts as a partner in a business partnership. Furthermore, if you are receiving any untaxed income you need to register for the self-assessment in the UK.
Additionally, a self-assessment tax return can be sent in to claim tax relief based on specific criteria.
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Having a stable income comes with some additional responsibilities. Making use of the services of a registered accountant can help you get the most out of your self-assessment.
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