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Tax
Income Tax
| Question | Answer |
|---|---|
| terms associated with people who have untaxed income and need self assessment | self-employed, sole trader, freelancer |
| different types of income | a. employed positions b. self-employed positions c. property d. pensions e. savings f. dividends |
| three different treatments and titles for sources of income | 1. non savings income 2. savings income 3. dividend income |
| non savings income | income from employment, self-employment, property, pensions |
| savings income | interest earned in savings |
| what is the starter rate in relation to savings income | low earners have £5,000 tax free allowance, for every £1 of employment earnings over £12,570 you deduct £1 from this starter rate |
| personal savings allowance | basic rate - £1000 higher rate -£500 |
| dividend income allowance | 1,000 |
| dividend income rates | basic - 8.75% higher - 33.75% additional - 39.35% |
| exempt income | 1. ISAs 2. damages awarded as a result of personal injury 3. scholarships / grants paid to STUDENT (paid to parent and it is not exempt) 4. prizes, lottery, gambling 5. premium bond prizes |
| what is the personal allowance restriction | earning over £100,000 and lose £1 of personal allowance for every £2 earned over threshold |
| treatment of charitable donations and pension payments | two sources added together and deducted from taxable income |
Created by:
amyperston
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