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What is VAT? Value added tax, or VAT, is the tax you have to pay when you buy goods or services. When you see a price for something in a shop, any VAT will already have been added.…

National & Minimum Wage The minimum wage a worker should get depends on their age and if they’re an apprentice. The National Minimum Wage is the minimum pay per hour almost all workers are entitled to. The National Living Wage…

What is a pension? A pension scheme is a type of savings plan that can help you save money for later on in life. Most pension schemes receive tax relief on personal contributions, but a workplace pension scheme…

Personal Allowances The Personal Allowance is the amount of income a person can get before they pay tax. Allowances 2020 to 2021 2019 to 2020 2018 to 2019 2017 to 2018 Personal Allowance £12,500 £12,500 £11,850 £11,500 Income…

Tax-free benefits in kind Some benefits in kind are tax-free and should not be entered on your tax return if you get one. These include: Contributions paid by your employer into an approved occupational or personal pension scheme…

What is income tax? Income Tax is a tax you pay on your income. You do not have to pay tax on all types of income. Most people in the UK get a Personal Allowance of tax-free income. This is…

What is corporation tax? Corporation tax is paid by businesses in the UK and is calculated on their annual profits. The corporation tax rate has been 19% for all limited companies since April 2016. Unlike individuals, companies don’t…

What is IR35? The off-payroll working rules can apply if a worker (sometimes known as a contractor) provides their services through their own limited company or another type of intermediary to the client. An intermediary will usually be…

What is capital gain tax. Capital Gains Tax is a tax on the profit when you sell (or ‘dispose of’) something (an ‘asset’) that’s increased in value. It’s the gain you make that’s taxed, not the amount of…