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Children and income tax

Our guide to tax when you’re gifting money to children. We explain the guidelines and how parents might avoid falling foul of the ‘£100 rule’. Do children pay income tax on their savings? Technically, yes – children are obligated to pay tax on savings, as they have the same income tax allowance as adults. It’s uncommon, though, as children […]

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Working tax credit explained

Find out if you can claim working tax credit in 2021-22. Working tax credit Working tax credit helps low-income workers with day-to-day expenses. Working tax credit could be worth up to £2,070 in 2022-23 if you work a particular number of hours and have a modest income. This is working tax credit’s “fundamental element.” This […]

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Tax-free childcare and other ways to save

You can save money on childcare in a variety of ways, from tax-free childcare to working tax credits, childcare vouchers, and free childcare. Childcare costs can be reduced. Tax-free child care is only one of the many programmes available to support parents. There are various methods to assist you pay for daycare, no matter if […]

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How to avoid inheritance tax

There are a variety of approaches that can be taken to ensure that your heirs are exempt from having to pay any inheritance tax at all. Is it possible to avoid paying inheritance tax? When you die away, your heirs may be required to pay inheritance tax if the value of your estate is high […]

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Inheritance tax planning and tax-free gifts

Find out how you can lower the amount of inheritance tax you have to pay by making gifts from your estate, and learn what is meant by the term “possibly exempt transfer.” Is it possible for me to avoid paying inheritance tax by giving money away? When you pass away, a portion of your estate […]

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Tax on pensions

Learn about how different income sources are taxed in retirement, and use our handy calculator to calculate out how much you’d have to pay. Pension tax calculator 2022-23 Since April 2015, anyone aged 55 or over has been eligible to cash in their whole pension amount. One MP famously quipped that pensioners were free to […]

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Self-employed income tax

Learn how self-employed income tax works, how to file your tax return, and what supplemental tax return parts and paperwork you might need to fill out What is self-employed income tax? If you’re self-employed, pay you’ll income tax in a different method than hired workers, as it’s charged on your profits rather than your gross income via a self-assessment […]

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Understand your tax code

HMRC will determine the amount of tax that must be withheld from your salary based on the tax code that you have. Find out what it means to have yours, how to check it, and what to do if it turns out that your tax code is incorrect. What is the meaning of a tax […]

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How much tax you pay

Find out how much tax you are required to pay on your several sources of income, such as your earnings, your savings, and your property. What will my final tax bill look like? If you file taxes at the standard rate, your total tax liability will account for around one third of the money you […]

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Income tax calculator 2022-23, 2021-22 and 2020-21

You may determine how much of your salary you will be able to keep and the tax rates that will be in effect in the future tax year by using an income tax calculator. This useful calculator will show you how much income tax and National Insurance you will be required to pay in the […]

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