Tax compliance is complex for businesses and individuals alike. Brexit and the coronavirus pandemic have made things even more complex. We’ve put together the following key tax dates, tables, and tips for you. Select a category to see more.
How much tax should I pay?
- Do you run a business and want the optimal tax structure?
- Are you venturing into a new business? Have you considered the tax implications?
Use our tax calculators to find out the best business structure for you. Please note that our tax calculators are based on certain assumptions and are for general guidance only. Always seek expert advice before you make your decision.
Your tax liability depends on your personal income, pension contributions, and other sources of income. Our team is here to help answer your questions.
If you earn money from employment, you may need to pay income tax and National Insurance contributions from your earnings.
Your level of income tax depends on your earnings and tax-free allowances.
How is income tax calculated?
Every year a certain amount of your income is free of tax. This is called the Personal Allowance and for the Tax Year 2021-22 it has risen to £12,570.
The Basic Rate of 20% is paid on any income you earn between £12,571 and £50,270.
The Higher Rate of tax of 40 per cent is paid on any income you earn between £50,271 and £150,000.
And the Additional Rate of 45 per cent is paid on any income above £150,000.
Please note your personal allowance decreases by £1 for every £2 you earn over £100,000.
