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A Guide to Income Taxpayers

Income tax is one of the most significant aspects of UK’s government, playing a crucial role in funding public services and infrastructure. It’s a tax levied on the income earned by individuals, businesses, and other entities, with rates varying based on income levels and tax bands. As a taxpayer, you need to be aware of the basics of income tax in the UK, exploring what it is, and how it works, including rates, allowances, deductions, and filing requirements.

Income tax in the UK is a tax imposed on individuals’ earnings, including wages, salaries, pensions, rental income, interest, and dividends. It operates on a progressive basis, with tax rates increasing as income levels rise. The UK’s income tax system is administered by HM Revenue & Customs (HMRC), which sets tax rates, allowances, and filing requirements.

Income tax taxable income = Total income earned – Any allowable deductions, exemptions, or credits

It is calculated based on taxable income and is subject to different tax bands and rates. Income tax is applied on individual’s earnings above certain threshold. The tax band based on individual’s income in the UK is listed below.

#	Main Rates	Income Tax Rate	Income tax band	Note
1	Personal Allowance	0%	Upto £12,570	Tax-free income. One can increase allowed personal allowance by claiming Marriage or Blind person allowances (if eligible).
2	Basic Rate	20%	£12,570 to £50,270
3	Higher Rate	40%	£50,270 to £125,140	Allowed Personal allowance decreases if taxable income over £100,000. Personal allowance goes down by £1 for every £2 income above £100,000.
4	Additional Rate	45%	Above £125,140	Allowed Personal allowance is zero, if taxable income over £125,140

However, for Scotland different tax band applies.

#	Main Rates	Income Tax Rate	Income tax band
1	Personal Allowance	0%	Upto £12,570
2	Starter Rate	19%	£12,571 to £14,732
3	Basic Rate	20%	£14,733 to £25,688
4	Intermediate Rate	21%	£25,689 to £43,662
5	Higher Rate	42%	£43,663 to £125,140
6	Top Rate	47%	Over £125,140

How do you pay tax?

For employees, UK tax system uses PAYE (Pay As You Earn) system, where employers deduct income tax and NICs from employees’ pay before paying them their wages or salaries.

Q) How does the system know the taxable amount on the salary?

🡺 Each employee is assigned a tax code by HMRC, which determines how much tax should be deducted from their pay.

Q) What does tax code look like?

🡺 Tax code is made of numbers and letters. To learn what your tax code means, visit the official site.

Example: 1257L, where L means, you are entitled to standard tax-free personal allowance. The number indicates how much tax-free salary you get for that tax year.

For self-employed or complicated system, you can use self-assessment tax return form to file the income tax. Fill it at the end of tax-year, 5th April.

Q) What is the deadline to file tax return?

🡺 You must tell HMRC by 5th October if you need to file a tax return and you have not done, otherwise you may end up paying interest and penalty to the HMRC.

You should fill the self-assessment online tax return by 31st January or paper tax return by 31st October.

Q) What if you missed the deadline for self-assessment tax return?

🡺 You will pay penalty to HMRC which is £100 if you are late by 3 months and more if you are late by more than 3 months.

Do you need to pay tax this year?

To find out, calculate your taxable income if any:

Taxable income = All income + taxable state benefits – tax free allowances

How can you save income tax on the earnings?

You could save tax on your earning by using one of the below options depending on your financial condition.

Claim tax-free Allowances such as personal allowance, dividend allowance, savings interest and many other.
Claim income tax reliefs if you are eligible.
Contribute to pension schemes as they are tax-deductible and moreover, employer contribution is tax-free.
Invest in one of the many options of Individual Savings Account (ISAs). You could save money without paying tax on the interest, dividends, or capital gains.
Utilise tax credits and reliefs like marriage allowance, blind person’s allowance.
If you are into charitable donations, then claim tax relief on your donations through Gift Aid.
Utilise Capital Gains Tax (CGT) allowance to make tax-free gains up to a certain threshold each tax year on investments.
If you inherit an item, you may be able to get a tax exemption if you use the annual gift allowance.

Tax Overpaid or Underpaid

If you have not paid right amount of tax, either too much or too little, then HMRC will send you P800 (a tax calculation letter) or a simple assessment letter. You will get the letter if you are employed or a pension receiver. For registered self-assessment taxpayer, it will automatically adjust. You receive letter as HMRC is not able to deduct the tax automatically or you owe tax on state pension, or you owe more than £3000.

Incorrect tax payment could happen if HMRC had wrong tax code, or you had switched job and were paid by both in a month or started receiving pension at work or receiving Employment and support allowance or jobseeker’s allowance.

If HMRC owns you a refund, you could claim it via Government gateway, or they will send you a cheque if unclaimed. If you owe money to HMRC, then this could happen automatically if your employer pays the income tax, you owe less than £3,000, and earn enough income over personal allowance to compensate for the underpayment.

Tax Forms

You get different forms from the employer as proof of tax return and employment. Validate the details recorded in the form to compliance with the tax filing.

P45 Form

This form contains the details of how much tax you have paid in the current year, 6April – 5April. You get this form from the employer when you stop working for them. This form has 4 Parts:

Part 1 – The employer sends details to HMRC and gives rest of the part to you.
Part 1A – You keep this part yourself for your own records.
Part 2 – You give this part to your new employer.
Part 3 – You give this part to your new employer.

P60 Form

This form is the proof of how much tax you have paid in the current tax year, 6April – 5April. This should be provided by your employer by 31May. P60 form plays a crucial role to claim the overpaid tax, to apply for tax credits, or as income proof when applying for loan.

P11D Form

Your employer will share this form to HMRC if you have availed company benefits in the current year.

By staying informed and seeking advice when needed, taxpayers can fulfil their tax obligations, minimize their tax liabilities, and make informed financial decisions.

Experiencing life and work abroad can be exciting and rewarding, offering you new opportunities to grow professionally and personally. However, you need to be aware of the tax consequences of living abroad and returning to the UK. This blog post will let you know what the big tax considerations are for people who live and work abroad or are coming back home.

Tax Implications if Leaving UK to live Abroad

You must tell HMRC if you are leaving UK to live abroad permanently or for a full-time job outside the UK. If your tax is filed by your employer in the UK, then you need to fill form P85. If you file tax using self-assessment tax return, then complete form SA109 and submit to HMRC, before the 31 October deadline to avoid any penalties.

Who else do you need to be informed about the leaving situation:

Inform the local council, so that you can stop paying Council tax. HMRC will take care of the refund if you have any for the tax year.
Claim your State Pension if you have made qualifying contribution on National Insurance. Claim must be made within the 4 months of your state pension age by either contacting the International Pension Centre or filling out the international claim form.
Check your compliance with National Insurance tax. You might need to pay tax while working or living abroad.
You tax credits will stop if move for more than a year. It won’t stop if you get UK benefits and live in another European country with child, or you pay UK National insurance.

Before moving out of UK, look out for the below tax consideration factors:

Residency Status

Your residency status will affect your tax obligations, so understand well about the tax you need to pay in the country you have moved to and in the UK. You will pay tax on State pension if you are resident of UK living abroad or the country you live in doesn’t have double taxation treaty with UK.

You are UK resident if:

You spent 183 or more days in the UK in the tax year,
Your only home for 91 days or more was in the UK, and you have stayed in it for 30 days or more in the tax year,
You worked full time in the UK for 365 days and at least 1 day of that period was in the tax year you are checking.

You are not called as UK resident if you are full time employee outside UK and spent less than 91 days in the UK, with no more than 30 days as working, or spent fewer than 16 days in the UK.

Foreign Income

Individuals living abroad may have income from various sources, including employment, investments, rental properties, and business activities. You need to pay tax on your foreign income if you are still the resident of UK. Understand how foreign income is taxed in your host country and whether it is subject to UK tax is essential for proper tax planning.

You do not pay tax on foreign income in the UK if you are non-domiciled to UK and your foreign income is less than £2,000 and you are not transferring any of these amount to the UK. However, if this income is greater than £2,000 and you are transferring them to the UK, then you must file self-assessment tax return in the UK.

Double Taxation Treaties

Many countries have double taxation treaties with the UK to prevent individuals from being taxed on the same income in both countries. These treaties often provide relief from double taxation by allowing taxpayers to claim tax credits or exemptions for foreign taxes paid. If you have already paid double tax on your foreign income, then you can claim for Foreign Tax Credit Relief in your tax return.

Reporting Requirements

Individuals living abroad may have reporting obligations in both their host country and the UK. This includes filing tax returns, reporting foreign income and assets, and complying with any other tax-related obligations imposed by local tax authorities.

What income is taxable in UK if you are not UK resident?

You will pay income tax on the income that comes from Pensions, rental income, savings interest, and wages. Anyone who has lived outside UK for 6 months or more is considered as non-resident.

Rental Income: You pay income tax if rent out a property and capital gain tax if you sell the property. You can get the full rent from the tenant and file self-assessment tax return at the end of the year, or you could let the letting agents to deduct the applicable tax-rate from the rent and then pay you the rent.

Tax Implications if Return to the UK

You pay income tax and capital gain tax if you return to the UK and will be considered as UK resident.

Check out the below tax related factors when you move to UK:

Residency Status:

When returning to the UK, individuals must determine their residency status for tax purposes. Factors such as the length of stay in the UK, ties to the country, and intentions for the future will influence residency status and tax obligations.

Tax Relief for Returning Residents:

The UK offers certain tax reliefs and exemptions for individuals returning to the country after living abroad. These may include the Statutory Residence Test, which determines residency status, as well as reliefs for foreign income and gains brought into the UK.

Transitional Arrangements:

Returning residents may benefit from transitional arrangements or tax incentives designed to ease the transition back to the UK tax system. These arrangements may provide relief from certain tax obligations or allow for a phased approach to re-establishing UK tax residency.

Compliance and Reporting:

Returning residents must ensure compliance with UK tax laws and reporting requirements. This includes filing tax returns, reporting foreign income and assets, and disclosing any tax planning arrangements or structures established abroad.

What are your tax obligations as a student?

You pay income tax on your job if your monthly earning is more than the allowed personal allowance (£1,048).
You pay National insurance if you earn more than £242 per week.
You need to pay income tax on the income earned above personal allowance during holidays if you have worked abroad.

Each tax year, HMRC issues a document to taxpayers in the UK called the Annual Tax Summary. As part of this document, the taxpayer’s income, tax deductions, allowances, and overall tax liability for the current tax year are summarized. By providing taxpayers with an overview of how taxes are calculated and how their income contributes to funding government services, the summary seeks to assist taxpayers in understanding how their taxes are calculated.

It helps taxpayers in many ways like providing transparency on the tax contributions, ensuring that taxpayers meet the tax obligations and filing tax return accurately, and an assessment of their tax liabilities to plan their finances accordingly.

How to read Annual Tax Summary?

The Annual tax summary details below components, go through each of them to understand your tax year.

The Income Details section which includes details of the taxpayer’s income sources, such as wages, salaries, pensions, dividends, and interest.
The Tax Deductions sections outlines the tax deductions made from the taxpayer’s income, including income tax, National Insurance contributions (NICs), and any other tax liabilities.
Tax Allowances component includes information about the taxpayer’s tax-free allowances, such as the Personal Allowance and Marriage Allowance, which reduce their taxable income.
Total Tax Liability section provides a summary of the taxpayer’s total tax liability for the tax year, showing the amount of tax paid and any tax owed.
Tax Breakdown breaks down the taxpayer’s tax contributions into various categories, such as income tax, NICs, and contributions to public services like healthcare and education.

What taxpayer can do using the information in the Annual Tax Summary?

You should always perform certain checks before accepting the total tax you need to pay to the HMRC. List of checks that one should perform is listed below:

Review Your Income to ensure that all sources of income are accurately reported in the summary.
Ensure that tax deductions, such as income tax and NICs, are calculated correctly based on your income.
Understand the tax-free allowances you are entitled for and how they affect your taxable income.
Use the information in the summary to assess your tax liabilities and plan your finances for the coming tax year.
Seek Advice if you have any questions or concerns about your Annual Tax Summary, don’t hesitate to seek advice from a tax professional or HMRC.

The Annual Tax Summary is not the evidence of the income. You will need a P60 form from the employer as evidence of income.

Marriage Allowance:

To qualify for Marriage Allowance, you must be married or in a civil partnership. Marriage Allowance allows married couples or civil partners to transfer a portion of their Personal Allowance (£12,570) between them, potentially reducing their tax bill. It is necessary for one partner to be a basic rate taxpayer, earning less than the Personal Allowance (£12,570), while the other partner must be a higher rate taxpayer, earning between £12,571 and £50,270 a year.

If the partner earns less than the Personal Allowance, he or she can transfer up to 10% of the unused allowance to their spouse or civil partner, up to a maximum of £1,260. This increases the receiving partner’s Personal Allowance, resulting in a reduction in income tax. Marriage Allowance must be applied for by the partner who wishes to transfer their allowance. HMRC requires that both partners provide basic information about themselves, and the process is straightforward. It usually occurs online through HMRC’s website.

You can apply online, or through self-assessment, or by filling in Marriage Allowance form MATCF. Your tax code will change to reflect Marriage Allowance, i.e., your tax code will end with either M (if you are receiving allowance) or N (if you are transferring allowance).

You can backdate your claim up to four previous tax years if the eligibility criteria were met in those years. You need to cancel Marriage Allowance, if there are any changes in your circumstances that affect your eligibility for Marriage Allowance, such as changes in income or marital status.

Let’s understand this using a scenario:

Partner A earns £30,000, which is above the Personal Allowance threshold.
Partner B earns £10,000, which is below the Personal Allowance threshold.

This means, Partner B is eligible to transfer a portion of their unused Personal Allowance to Partner A.

Now, calculate the Partner B unused Personal Allowance which can be transferred to Partner A.

Unused Personal Allowance: £12,570 – £10,000 = £2,570

A partner can transfer maximum of 10% of unused Personal Allowance.

Maximum transferable amount: 10% of £2,570 = £257

This means, Partner A’s taxable income would then be reduced by £257, potentially resulting in a lower tax bill for Partner A.

Married Couple’s Allowance:

In the UK, married couples, or civil partners whose at least one member was born before 6th April 1935 are entitled to Married Couple’s Allowance tax relief. The amount of MCA is determined by the income of the individual with the higher income, known as the “recipient”. The maximum Married Couple’s Allowance amount is £11,080; the recipient must have an income below certain thresholds to qualify for full benefits of Married Couple’s Allowance. For every £2 of income above the threshold (£37,000 for the tax year 2024-25), the allowance is reduced by £1, but it cannot be reduced below £4,280. It may be possible for recipients with higher incomes to transfer a portion of the allowance to their spouse or civil partner so that their tax bill can be reduced.

You can backdate your claim up to four previous tax years if the eligibility criteria were met in those years. In the event of any changes in your circumstances affecting your eligibility for Married Couple’s Allowance, such as changes in income or marital status, it is essential to notify HMRC as soon as possible.

Blind Person’s Allowance:

Individuals who are blind or severely visually impaired are eligible for Blind Person’s Allowance tax relief in the United Kingdom. To qualify for Blind Person’s Allowance, an individual must be certified by an eye specialist as blind or severely visually impaired. A blind person can claim the allowance by registering the certification with HMRC. This is an additional amount that can be deducted from the blind person’s taxable income, which reduces the amount of tax owed. It may be possible for the blind person with low income to transfer the unused portion of the allowance to his/her spouse or civil partner, helping each other to reduce the tax bill.

For the tax year 2024-25, the Blind Person’s Allowance is £3,070. HMRC applies Blind Person’s Allowance automatically if they are aware of the individual condition or an individual can claim it through Self-assessment tax return. You can backdate your claim up to four previous tax years if the eligibility criteria were met in those years. In the event of any changes in your circumstances affecting your eligibility for Married Couple’s Allowance, such as changes in your visual impairment status or marital status, it is essential to notify HMRC as soon as possible.

Employment and Support Allowance (ESA):

Individuals who have limited capability for work due to illness or disability can claim for Employment and Support Allowance (ESA). This allowance benefits individuals by providing support they need to improve their health and well-being. To avail the benefits, you must be at least 16 years old, and have unable to work condition due to health condition. They must also satisfy certain residence and National Insurance contribution conditions. There are two types of ESA, namely, Contributory ESA and Income-related ESA. Contributory ESA is based on individual’s National Insurance contributions, while Income-related ESA considers the individual’s income and savings, as well as their partner’s income.

To claim the ESA, you must go through a Work Capability Assessment (WCA), which evaluates your ability to perform work-related activities, considering your health condition or disability. A periodic review is engaged to assess the individual health condition to ensure they receive appropriate level of support for the betterment of their health. If eligible, ESA is paid out every 2 or 4 weeks as per the individual preference. Additional support available to person claiming ESA are returning to work, access to training and education programs, and assistance with managing their health condition or disability.

Jobseeker’s Allowance (JSA):

Jobseeker’s Allowance is a financial aid provided to individuals who are actively searching for job but currently unemployed or working less than 16 hours per week. To avail Jobseeker allowance benefit, you must be at least 18 years older and actively looking for a job. They must also satisfy certain residence and National Insurance contribution conditions. They must also satisfy certain residence and National Insurance contribution conditions. There are two types of JSA, namely, Contribution-based JSA and Income-based JSA. Contribution-based JSA is based on individual’s National Insurance contributions, while Income-based JSA considers the individual’s income and savings, as well as their partner’s income. If eligible, JSA is paid out every 2 or 4 weeks as per the individual preference. Additional support available to person claiming JSA are training opportunities, job search assistance, and advice on improving employability skills.

Maintenance Payment Relief:

A maintenance payment to an ex-spouse or civil partner can also be tax deductible. Generally, you may claim it if you are paying under a court order after the relationship has ended, either of you were born before April 6, 1935, and the payment is for your ex-partner (not remarried or in a civil partnership) or your children under the age of 21. The maximum amount that you may claim is 10% of the maintenance amount. You may claim 10% of the maintenance amount, up to a maximum of £401.

When can you claim tax relief on your job expenses?

You can claim tax relief if you use your own money to buy for your work and use them only for work. You can claim for one of the below reasons.

Working from Home : You can claim if you job requires you to live far away from the office or your employer doesn’t have an office. You can claim for phone bills and gas and electricity for the work area. You can claim for £6 a week tax relief.
Spending on Uniforms, work clothing or tools required for the job : You can claim the actual amount you have spent or an agreed fixed amount. In either case, you need to keep the receipts. Fill out P87 form to claim actual amount.
For vehicles you use for work : You can use own vehicle or a vehicle owned/leased by employer. If you are using your own vehicle, then tax relief can be claimed on approved mileage rate. If using company car, then you can claim tax relief on money you have spent on Fuel and electricity.
Membership fees for professional bodies or trade unions directly related to your job.
Spending on travel and overnight expenses : You can claim tax relief for money spent on pubic transport, hotel accommodation, food and drink, business phone calls, parking fees, and many other.

Dividend allowance

For tax year 2024/25, tax-free dividend allowance is £500 and for last year 2023/24 it was £1000. You also do not pay tax if your dividend amount is within the personal allowance. You get certain dividend money when you own shares of a company. However, you do not pay tax on dividends from shares in an ISA.

Tax on dividend money above the allowance value is based on your tax band.

Tax Band	Tax on Dividend over allowance
Basic rate	8.75%
Higher rate	33.75%
Additional Rate	39.35%

Tax to be paid = Sum of total income + Dividend income – Personal Allowance

Let’s understand this using the scenario:

Let’s say your total salary for the tax year 2023-24 is £42,570.

You earned dividend income for the tax year 2023-24 is £2,000.

Your total income is: £42,570 + £2,000 = £44,570

Your total taxable income is: £44,570 – £12,570 = £32,000

The taxable income falls under basic rate 20% tax.

Reduce the Dividend allowance from the dividend income: £2,000 – £1,000 = £1,000

So, you will pay 8.75% tax on the taxable dividend income: £1,000 * 8.75/100 = £87.5

You will pay 20% tax on the remaining income: £32,000 – £2,000 = £30,000

20% tax on the £30,000 income is: £30,000*20/100 = £6,000

Total tax paid by you for the year 2023/24: £6,000 + £87.5 = £6,087.5

Savings interest

You can use personal allowances, personal savings allowance, starting rate for savings to avoid paying tax on the interest earned on savings. The tax-free starting rate for savings is £5,000. If your additional income is below the personal allowance and maximum tax-free savings interest, i.e., £17,570, then you are eligible for maximum of £5,000 tax-free savings interest. Every £1 of other income above your Personal Allowance reduces your starting rate for savings by £1.

Personal Savings Allowance:

Depending on the tax band on your total income plus the additional income, you are eligible for different personal savings allowance.

Tax Band	Personal Savings Allowance
Basic rate	£1,000
Higher rate	£500
Additional Rate	£0

Principal Private Residence Relief (PPR) – for properties that have been your main home

Letting Relief- for properties that were once your main home and have been let out

Entrepreneurs’ Relief – for qualifying business assets that include shares in a trading company or business assets

In the UK, property tax relief can help you maximize your returns on your investments, reduce your tax liabilities, and optimize your tax planning strategy. This tax relief is aimed at encouraging property investments, supporting homeownership, and boosting the housing market. Here are some ways to get tax relief when you sell your house.

Private Residence Relief (PRR)

With Private Residence Relief, homeowners in the UK can save a lot of money on capital gains taxes by selling their main house. Homeowners can maximize their tax savings when selling their property if they understand eligibility criteria, how PRR works, and practical considerations.

You need to meet a few eligibility criteria to get Private Residence Relief.

The property must have been the homeowner’s main residence at some point during the ownership period.
The owner must have occupied the property for part or all the ownership periods.
You don’t have to own it for a minimum period to get PRR. There are, however, certain conditions if it wasn’t the homeowner’s main residence for the whole time.

You could get full CGT tax relief under Private Residence Relief if all the below conditions are met.

You have one home and you’ve lived in it as your main home for all the time you’ve owned it,
You have not let part of it out – this does not include having a lodger,
You have not used a part of your home exclusively for business purposes,
The grounds, including all buildings, are less than 5,000 square metres (just over an acre) in total, and
You did not buy it just to make a gain.

PRR Rules

If the property you are selling was the only home at some point, then you will always get relief for the 9 months before you sell your home.
You could get up to first 2 years relief on the property, if the property was built, renovated, or could not sell your old home, and you had lived in the property within the first two years of purchase.

If you nominate a property as your home, you qualify for relief for most of the time you live away,

any reason for periods adding up to 3 years,
up to 4 years if you had to live away from home in the UK for work, or
any period if you were working outside the UK.

To qualify for Private Residence Relief, homeowners need to keep accurate records of how much they use, occupy, and own their property. If a homeowner lets out part of their main house while living there, they might be eligible for Lettings Relief, which lowers their capital gains tax.

You do not get PRR for the period you let out the full property or part of the property (no PRR for the part that’s let out). The property is not considered as let out if have a lodger who shares living room with you, or you live with your parents or children, and they pay rent to you.

Private Residence Relief works by exempting the capital gain attributable to the period when the property was used as the homeowner’s main residence from capital gains tax. The relief applies proportionally to the length of time the property was used as the main residence compared to the total ownership period.

For example, if a homeowner owned a property for ten years and lived in it as their main residence for eight years before selling it, 80% of the capital gain would be eligible for Private Residence Relief, and only 20% of the gain would be subject to capital gains tax.

How to calculate CGT on property gain after PRR?

Different PRR applies to different situation. Let’s analyse few of the scenarios:

Capital gain by selling a property is £150,000. Individual had the property for 20 years and lived in the property for 12 years. How much of this gain is eligible for PRR and how much CGT tax liability?

🡺 PRR reliefs applicable:

Number of years you have lived in the property, which 12 out 20 years. This means 60% of the time you have lived in the property. You will get 60% relief over gain.
PRR relief on last 9 months of the property, that is 9 months of 20 years, which equals to 3.75% relief.

So, total eligible relief over gain is : 60+3.75 = 63.75%

You will get relief on £95,626 gain and will pay CGT on the remaining amount £54,375.

Capital gain by selling a property is £100,000. Individual had the property for 20 years and lived in the property for 20 years. However, for a period of 5 years rented 10% of the property. How much of this gain is eligible for PRR and how much CGT tax liability?

🡺 PRR reliefs applicable:

Number of years you have lived in the property, which 15 out 20 years. This means 75% of the time you have lived in the property. You will get 75% relief over gain.
Number of years the portion of property was let out, which is 5 out of 20 years. As 10% of the property was let out, you will get 90% of PRR relief for these 5 years, which tax relief for 4.5 years.
This means total eligible PRR tax relief is: 15+4.5 years = 19.5 years
This is equal to 97.5% relief over the gain, which is £145,575.
Remaining amount on which you will pay CGT is £4,425 which will be claimed under tenant relief. So, you will pay no CGT tax on the property sale.

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