As we all know, we are all called to pay our taxes at some point in the year for income from the previous year. Income Tax is the principal form of direct personal taxation in the UK taken mainly from employment and self-employment, retirement pensions, income from property, interest on savings, and dividends from investments.
UK residents get a Personal Allowance of tax-free UK income each year, which is an amount of income you do not have to pay tax on. The current standard Personal Allowance is £12,570, but this may be bigger if you claim Marriage Allowance or Blind Person's Allowance, or even smaller if your income is over £125,140.
Self-employed people must submit their self-assessment tax return, after registering on the HMRC website, and deadlines should be met to avoid any penalties:
- Register for Self Assessment (even if you are a partner in a partnership) within 5 October 2021
- Paper tax returns within 31 October 2021
- Online tax returns within 31 January 2022
- Pay your taxes within 31 January 2022
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