Income Tax Advice (Self Assessment, PAYE)

UK income tax is a compulsory payment on a person's income. There are certain types of income that are exempt from income tax, such as premium bond prizes. You do not necessarily have to be employed to pay income tax. You could have a particular pension, such as an occupational/ company pension that you may have to pay income tax on.

The amount of UK income tax you pay depends on your income and if it is below a certain level, you will not have to pay income tax at all. Generally the more you earn, the more income tax you will have to pay.

Pay As You Earn (PAYE)
A PAYE system must be in operation by anyone who pays employees or makes contributions into an occupational/company pension scheme. This means that deductions are made 'at source'. Essentially this involves deducting income tax and National Insurance and sending them to the Inland Revenue.

Bank and Building Society Interest
Any interest you gain on most savings you have with banks and/or buildings societies will be subject to UK income tax which they pass on to the Inland Revenue, before it is paid to the account holder.

Self Assessment
In some cases, for example self-employment or income from property rental, self-assessment may be required. To do this, a tax return form must be completed with the tax being calculated by yourself or by the Inland Revenue.

National Insurance
National Insurance is another form of taxation on your income, which is used by the government for things like pensions and unemployment benefit.

For more indepth income tax advice, information and current income tax rates and thresholds, please refer to the Inland Revenue's website ( now known as HM Revenue and Customs)(www.hmrc.gov.uk )

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