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There are two main components that are taken off your gross pay –
income tax and national insurance contributions made by your employer.
In your case when you earn £4,083:
You pay no income tax on first £1,042 that you make
You pay £608 at basic income tax rate (20%) on the next £3,042
No contributions on the first £792 that you make
You pay £395 in contributions (at 12%) on the next £3,292 that you make
On top of these, your employer will also pay £454 of additional NI contributions, but these don’t come out of your salary. Your employer has to cover them.
The UK tax year for individuals starts April 6th and ends April 5th of the following year. From then, you have until January 31st to complete your online tax return for the previous tax year.
Most people in full-time jobs who only have PAYE income never have to bother with tax returns.
The only times when you need to submit a Self Assessment tax return are:
If you’re not sure which one applies to you, read our guide to who needs to file a tax return here – it’s a long list
The tax code is just a series of numbers and letters that tells HMRC how much tax you should be paying.
The numbers in your tax code tell your employer or pension provider how much tax-free income you are entitled to in that tax year.
The most common one for 2019/20 will be 1250L:
If you take a second job, then you don’t get a personal allowance for this one, so you need to make sure that the job that pays you the most is the one with “L” and not “BR”.
There are many tax-free allowances in the UK:
There are also a few tax-free allowances you can claim instead of expenses:
When it comes to Self Assessment mistakes, we’ve seen them all. Here are a few you’ll want to avoid: