How to work out what you will pay in taxes this year

From VAT on products to inheritance tax, there are all sorts of ways in which a person will pay tax during their lifetime. Income tax is something the majority of people who earn money in the UK will pay. In order to work out whether a person should be paying Income Tax, they should add up all of their taxable income, which includes taxable state benefits. The government website states that they then need to work out what their tax-free allowances may be, and deduct this from taxable income.

Related articles
Council Tax UK: Family living next door? 50% annexe discount available
Are insurance proceeds taxable income? The tax rules on withdrawals

HMRC has an online tax calculator which some people may be able to use to get an estimate of their income tax

If there are any funds left in the calculation, then they will be a taxpayer, and hence income tax will be payable.

It is possible to estimate UK income tax for the current tax year, by using a tax calculator.

This tool, available on the HMRC website, tells users their take-home pay, if they do not have any other deductions - such as pension contributions or student loans.

However, the government website advise that some people will not be able to get an online estimate.

For instance, those who are not a pay as you earn (PAYE) taxpayer, will not be able to use this particular calculator.

It also does not offer estimates for those whose only income is from self employment or state

read more.....

Get the latest news delivered to your inbox

Follow us on social media networks

PREV NRL State of Origin 2019 - Game 1 mogaznewsen
NEXT US-Iran tensions erupt as military chief boasts US wouldn't ‘DARE violate ...