PAYING your taxes is essential – but there are a few ways to earn up to £46,630 extra a year without giving a penny to the taxman. By making money from hobbies or renting out a driveway, you …
In the current tax year, which runs from April 5, 2022 to April, 6, 2023, that amount is £12,570.This allowance means if you earn £12,570 or less, you pay no income tax.You only pay tax on income over that amount.On any earnings over that amount you’ll pay higher rate tax on the chunk over this threshold.But that's on very high earnings of over £150,000, though that is set to reduce to £125,140 from April.
You can calculate what your take home pay is depending on your salary by using the handy tool on the government's website: www.tax.service.gov.uk/estimate-paye-take-home-pay/your-pay.lets you transfer £1,260 of your personal allowance to your husband, wife or civil partner. This means the higher earner can keep more of their salary before paying income tax, boosting their yearly earnings of £252 in real terms.
You can check if you qualify using the government's eligibility checker at: www.tax.service.gov.uk/marriage-allowance-application/eligibility-check.If you rent out a furnished room of your home to a lodger through the government'sHowever, this is halved if you share the income with your partner or someone else in the household.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
NHS trust faces paying £35k to council after legal rowThe Leicester NHS trust had asked for £1m to offset extra pressure from a new housing estate.
Read more »
Emmerdale superfan Jane McDonald reacts to soap paying tribute to herJane McDonald is a self-confessed Emmerdale superfan
Read more »
Major energy supplier glitch leaves thousands paying just 1% of gas billA MAJOR energy firm glitch has left thousands of customers paying just 1% of their gas bill. Octopus Energy, which has 3.2million customers, has undercharged customers by 99.9% this winter. Thousan…
Read more »
Traffic queuing for NINE miles on M60 as repairs carried outBREAKING: Traffic queuing for NINE miles on M60 as repairs carried out
Read more »
The Philippines’ proximity to Taiwan makes it central to Western strategyAs sparring between China and America grows nastier, officials in Washington say the Philippines has become as prominent in their security debates as any Asian country save China itself
Read more »