What is Income Tax ?
Our Basic Guide to UK Income Tax
Income Tax is the main UK tax for individual people, including
Self-Employed Sole Traders.
The UK
Income Tax Year runs from
6th April in one year to 5th April in the next year.
What Income is Taxed by Income Tax ?
These are the main areas of personal income which are taxed as Income Tax:
• Salaries and Wages for people who are Employed, paid by
PAYE
•
Self-Employed businesses, paid under
Self Assessment for businesses
• Pensions
• Interest on Savings
•
Dividends
•
Property Rental Income
• Income from a Trust
Self Assessment
If you have a variety of sources of income, you will probably need to file a
Self Assessment tax return to
HMRC, either on paper by 31st October, or online by 31st January, following the previous 5th April.
GOV.UK and HMRC Links
GOV.UK : Income Tax
Self Assessment Check