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媽er! | What is the most you can earn in a year in the UK without having to pay taxes? |
If you earn only 5000 pounds in a year do you still have to pay taxes on it? Is there a maximum you can make without having to pay taxes? and at what amount does the lowest tax bracket end? Curious because my company(tiny company) is based in the UK and I think that the general rule is that you don't want to be at the bottom of your tax bracket when that time of year comes around. |
 |
 
The Tank
 |
To get a really accurate answer you must look at the Inland Revenue and Customs internet site.
The link below will take you to their tax tables and you should be able to get all the information you want without relying on other people's guesses. |
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Araminta H
|
About £5500 if you've not got any kids. That's called your personal allowance. |
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chatter
|
your tax free amount is shown on your tax code. e.g 522L meaning you can earn £5220 before you are taxed. Check your payslip, your tax code should be on it.
522L is a basic code, other factors are counted when the tax office work out your code such as a company car etc. |
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I'm not Bob.
|
For the 2007-2008 tax year, your basic personal allowance (the amount of tax-free income) is 5,225 pounds. There are additional allowances available if you are over age 65, or registered blind, or both.
If you earn 5,500 pounds, you will only be paying taxes on 275 pounds.
Income tax rates are different for earned income, income on savings, and income from dividends.
The rates are (after your personal allowance and any other deductions and reliefs):
For earned income:
1 to 2230 pounds = 10%
2230 to 34600 pounds = 22%
34601 pounds and above = 40%
For income on savings:
1 to 2230 pounds = 10%
2230 to 34600 pounds = 20%
34601 pounds and above = 40%
For income on dividends:
1 to 2230 pounds = 10%
2230 to 34600 pounds = 10%
34601 pounds and above = 32.5% |
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suerye
|
The basic personal tax free allowance is £5225 and this increases annually in line with inflation. Relief is also due for work related expenses, but not a lot else. Other answerers have mentioned children, but there are no child tax allowances.
After the £5225 line is passed, tax is charged in bands of 10%, 22% and 40%.
I dont know what you mean by 'you dont want to be at the bottom of your tax bracket when that time of year comes around.' |
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Chris
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It really depends what your tax code is, if it's 522L you can earn £5,220 in one tax year before paying any tax. Whatever your tax code is put a 0 at the end and that's how much you can earn a year before tax. |
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Mark
 |
For the current tax year (i.e. to 5 April 2008), all individuals can receive £5,225 per year before paying Income Tax. That includes earnings from work or unearning income such as bank interest or dividends. The key word is 'income'.
It is wrong to use your tax code to answer this (as some have suggested), as tax codes are applied to earnings from a particular employer (or pension provider). A code of 422L would mean you can earn £4,229 from that particular job without being taxed, but you would still have a further £1,000 available (I know the figures are £4 different - that is due to the way the PAYE system operates in practice).
To be absolutely correct, it is wrong to say you don't have to pay 'tax', as VAT is charged on most of what you buy, but I'm sure you know that anyway and I think I know what you're driving at. |
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andy t
 |
depends on your tax code
if your code is 470, you can earn 4700 before paying tax. |
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danny b
|
i reckon each person is allowed to earn about 5000£ a year, untaxed, and im pretty sure that the will keep taking tax from the start, but if you were to stop earning, and earn under £5000 you'd get your tax back |
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