An Introductory Facts On Self Assessment And UK Income Tax
The income tax in the UK is somewhat which many people find scary; it is partly due to the complexity of it. Before you start to pay or worry about your UK income tax there are some things you should understand.
PAYE
In case you are employed then this is the system which your employer make use of to subtract your tax before you are paid. Based on your other incomes and the amount you earn you may still have to complete your own tax self assessment form.
Self Assessment
Here is the system which the government presented to manage the incomes which are not earned and paid through the PAYE system. This requires the completion of your form every year. It is necessary that these are completed correctly and on time. If you do not meet the dates and deadlines you will probably be chargeable for a fine.
National Insurance
This is originally meant to aid the social security benefits systems, however, these have now become a general tax which you will need to make sure you pay same as income tax.
Tax relief
Tax relief is available on various things, the most apparent is money donated to charity. If you are donating to charity you may have noticed the Gift Aid option, which means that your donation is increased by the government to refund the tax.
How do you know how much tax to pay? This is the million dollar question! You can find different 'brackets' of tax. This means that depending on the amount of money you earn you make payment for different percentages of tax. These are reviewed by the government in an annual budget, so if you're hoping to calculate your own tax, be sure to check that the figures you're using are up to date.
Another thing that may affect your tax is your personal allowance. This is actually the amount of cash you are authorized to earn before you have to pay any tax at all. Just like tax brackets, this amount changes annually with the governments budget report.
Lastly there are no tax credit. These are equipped for those on a low income and are generally to help to achieve a precise level on monthly income, regarded as being necessary. These are 2 types of tax credits; working tax credits and family tax credits. The process to calculate these is rather complicated. However, to apply is simply a matter of filling various forms and submitting them. If you're unsure whether you're eligible or not then you can contact the relevant department or you can just fill in the form and if you're not considered eligible you will be advised by post. Since this system was presented plenty of families overlooked these because they didn't understand the system - don't become one such statistics. Check with your UK income tax office to obtain the forms.
So all in the self assessment and income tax in the UK is a pretty complicated system and you are always best in quest of expert consultancy either through an accountant or a government office.
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