- earnings from employment
- earnings from self-employment
- most pensions income
- interest on most savings
- income from shares
- rental income
- income paid to you from a trust
- personal alowence-tax free
- £9,440 is tax free, whatever you make more than this is 20% deducted.
- if you unable to work you can claim tax free Blind Allowance
- if you make more that £35.000 you pay 40% tax
- they take 10% of your savings
- PAYE (Pay As You Earn)
- self assessment (employed)
- one-off payments
- Depends how much you earn
- WIC build up your entitlement to certain social security benefits (State Pension)
- You stop paying NIC when you reach retirement age (67)
- class 1 PAIE
- class 2 State Pension Age
- class 3 volunteery contributions top-ups
- earn £146 a week up to £817 a week you pay 12 per cent
- your contributions are deducted from your wages by your employer.
- you pay class 2 and class 4 the rates are:
- class 2 are payed at the flat rate of £2.70 a week
- class 4 are payed percentage of your annual taxable profits-9per cent on profits between £7.755 and £41.450 and a further 2% on profits
- paying Income Tax National Insurance contributions on both jobs
- any allowance and relives you get
- your profits from self employment