Income Tax rates and Personal Allowances

Pay Assess is a tax you pay on your pay. You do not have to pay charge on all sorts of income.

This direct is moreover accessible in Welsh

You pay tax on things like:

✅ money you win from employment

✅ profits you make if you’re self-employed, counting from administrations you offer through websites or apps – you can check if you require to tell HMRC approximately this income

✅ some state benefits

✅ most annuities, counting state benefits, company and individual benefits and retirement annuities

✅ rental wage (unless you’re a live-in proprietor and get less than the Lease a Room Plot limit)

✅ benefits you get from your job

✅ income from a trust

✅ interest on investment funds over your investment funds allowance

You do not pay charge on things like:

✅ the to begin with £1,000 of pay from self-employment – this is your ‘trading allowance’

✅ the to begin with £1,000 of wage from property you lease (unless you’re utilizing the Lease a Room Scheme)

✅ income from tax-exempt accounts, like Person Investment funds Accounts (ISAs) and National Investment funds Certificates

✅ dividends from company offers beneath your profits allowance

✅ some state benefits

✅ premium bond or National Lottery wins

✅ rent you get from a guest in your house that’s underneath the Lease a Room Plot constrain