Income Tax Adviser
Income Tax Adviser
Pitt - you stinker .........
Income Tax was introduced by William Pitt the Younger in his Budget in December,1798; effectively to fund the Napoleonic War.
It was supposed to be a temporary tax but it is still here over 200 years later. Indeed, the whole planet now uses this model for public funding.
Tax on Income
Income tax is exactly what it sounds like. It is an annual tax on your income. There are different types of income with different rates that apply. Compare Employed Income to Savings Income.
Rates and allowances
Each year, as part of the Budget and subsequent Finance Act for the year, the Government renews its right to tax you and sets the rates and allowances.
You are taxed in tiers. The more earned income you have, the higher the tax rate you pay. Up to date rates are detailed in our tax tables.
How is tax worked out?
In simple terms, you have an annual income allowance which is tax free and anything above that is taxable.
Buy a tax planning pack in the shop or request tax advice today.
