Paying Tax in the UK
Tax is one of the certainties of life for those that live in the UK, along with death, assuming they have been born.
So on that cheery note, what should you be paying?
Well the main tax is called income tax because it comes out your income. The theory is the goverment of the day uses that money to do lots of wonderful things that will benefit you overall such as... well... that's a matter for a politics site!
What Gets Taxed?Pretty much everything, but specifically:
- Employment and self-employment earnings
- Most pensions income
- Interest on most savings
- Rental income
- Trust income
£1 - £2,230: 10%
£2,231 to £34,600: 22%
As you can see, the more you earn, the more you pay in tax, so that's a reward for success if ever you wanted one!
There is also of course national insurance to pay which is another form of tax; read the specific article for more information on that.