Income Tax所得税.doc

Income Tax - the basics Income Tax is a tax on income. Not all income is taxable and youre only taxed on taxable income above a certain level. Even then, there are other reliefs and allowances that can reduce your Income Tax bill - and in some cases mean youve no tax to pay. On this page: What counts as taxable income? Tax-free allowances Allowances and reliefs that can reduce your Income Tax bill Tax allowances and reliefs for employees or directors Tax on company benefits How much Income Tax you pay How you pay Income Tax Paying the right amount of Income Tax National Insurance Contributions More useful links What counts as taxable income? Taxable income includes: earnings from employment earnings from self-employment most pensions income (State, company and personal pensions) interest on most savings income from shares (dividends) rental income income paid to you from a trust Non-taxable income There are certain sorts of income that you never pay tax on. These include certain benefits, income from tax exempt accounts, Working Tax Credit (WTC) and premium bond wins. These income sources are ignored altogether when working out how much Income Tax you may need to pay. Taxable and non-taxable income at a glance Top Tax-free allowances Nearly everyone who is resident in the UK for tax purposes receives a Personal Allowance, which is an amount of taxable income youre allowed to earn or receive each year tax-free. This tax year (2013-14) the basic Personal Allowance - or tax-free amount - is ￡9,440. You may be entitled to a higher Personal Allowance if you were born before 6 April 1948. If youre registered blind, or are unable to perform any work for which eyesight is essential, you can also claim the tax-free Blind Persons Allowance. Income Tax is only due on taxable income thats above your tax-free allowances. Check Income Tax allowances and income limits for earlier tax years Personal Allowance - find out more Blind Persons Allowance - find out more Top Allowances an