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manawo
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manawoTeacher
Asked: February 7, 20222022-02-07T12:55:12+00:00 2022-02-07T12:55:12+00:00In: Accounting ∙ Tax ∙ VAT

How is income tax calculated in the UK?

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I’m interested in moving to the United Kingdom. Can anyone give a rundown of income taxes and how they are calculated?

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    Dedeva63 Teacher
    2022-02-08T15:37:22+00:00Added an answer on February 8, 2022 at 3:37 pm

    All over the world, taxation systems are implemented to ensure there is continuous governance and sustainability of amenities. The United Kingdom boasts of one the lowest tax systems in all of Europe. The country taxes are based on a system where a certain percentage is deducted from your income when it crosses a particular threshold. To prevent any regulatory infractions, you can get a company with an accounting package inclusive.

    Personal Allowance: This is the first £12,570 you make as income and it is not taxed.
    Basic rate: This is the second tier and it cuts across incomes that are within the mark of £12,571 and £50,270. Once your income is up to this, you will be charged 20% of your income after the basic income has been deducted. For example, if your income is £12,571, your income tax is 20% of £1 which is £0.20.
    Higher rate: For the higher rate, your income will have to be in the margin of £50,271 and £150,000. If you are earning this much, your income tax will be 40% of your income after your allowance has been deducted. However, the personal allowance will drop by £1 for every £2 you earn above £100,000.
    Additional rate: Income earnings that are above £150,000 falls within the margin of the additional rate. The tax rate is set at 45%
    Note: As a non-indigene, you are not entitled to personal allowances.

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