If you are employed or self-employed in the UK, you need to be aware of the taxes and National Insurance contributions that you are eligible for. If you work on a PAYE (Pay As You Earn) scheme, you will usually find that your Income Tax and National Insurance have already been paid for you by the time you receive your pay. Otherwise, you are required to submit an assessment of your tax situation once a year to HM Revenue and Customs, and make the appropriate payment directly to them.
It's so important to know what you do have to pay, because otherwise you are at risk of underpaying or overpaying your taxes. If you have overpaid, you may be able to receive a tax refund (also known as a tax rebate) by writing to your local Tax office. National Insurance is not a tax as such, but instead is a compulsory payment that you make towards the UK's pension fund as an employed person. You have to make a minimum number of these payments over your working life to qualify for your own pension when you reach State Retirement Age. Find out more information about both Income Tax and National Insurance on the SimplyFinance.co.uk website.
Learn more about the taxes that you pay on your earnings
It's so important to know what you do have to pay, because otherwise you are at risk of underpaying or overpaying your taxes. If you have overpaid, you may be able to receive a tax refund (also known as a tax rebate) by writing to your local Tax office. National Insurance is not a tax as such, but instead is a compulsory payment that you make towards the UK's pension fund as an employed person. You have to make a minimum number of these payments over your working life to qualify for your own pension when you reach State Retirement Age. Find out more information about both Income Tax and National Insurance on the SimplyFinance.co.uk website.
After Personal Income PAYE Tax Cost Calculator
Invest Time as well as Money in your Pension
Contracting out of your State Second Pension
Calls for Stamp Duty to Support the Housing Market
