(Updated 22/03/2023)
HM Revenue & Customs collects tax to pay for public services. Each year the Chancellor’s Budget sets out how much it will cost to provide these services and how much tax is needed to pay for them.
What taxes might I pay?
Key taxes that you may have to pay include:
- Income Tax
- National Insurance
- Capital Gains Tax
- Inheritance Tax
- Stamp Duty
- Value Added Tax (VAT)
What is Income Tax?
Most people in the UK get a personal allowance of tax free income. This is the amount of income you can have before you pay tax.
Your income is assessed over the ‘tax year’ which runs from 6 April to the following 5 April. When your income is more than your Personal Allowance you will need to pay tax. .
What is Taxable Income?
- earnings from employment
- earnings from self-employment
- pensions income (State, company and personal pensions)
- interest on most savings
- income from shares (dividends)
- rental income
- income paid to you from a trust
- taxable benefits
The Citizens Advice Tax Team:
Citizens Advice Isle of Wight Tax Team have been delivering face to face tax help since 2016.
We are the only completely free face to face tax advice service on the Isle of Wight. Citizens Advice Tax Team help people to understand the parts of the tax system that apply to them, pay only the right amount of tax and help them to resolve difficulties with their tax affairs.
The need for tax advice has grown, there has been a significant increase in the number of self-employed people, many of whom are on low incomes. Equally, there are many more people in multiple employments to supplement their income who have more complex tax positions.
Many people have become "casualties of the tax system." This includes late filing penalties, compliance activity and tightened practices on debt collection.
Citizens Advice Tax Team provides free and independent advice across the full range of tax issues that impact people.
We use our experience to influence HMRC in cases where the tax system is unfair and inefficient to ensure the best outcome for our clients.
For more information or to book an appointment, please call 01983 823898 ext: 2836 or call/text 07702803274 email us at taxteam@iwcab.org.uk
Our tax experts are here to help you for free.
