The new tax year began on April 6 so this is the perfect time to make the most of your money – and tax breaks.
How much we can earn without paying income tax has remained the same for the 2022/23 at £12,570.
Earn over £12,570 and we pay 20% income tax on the next £37,700 we receive (that figure has also remained the same this year), and after that it is 40% on income up to £150,000. Above that, income is taxed at 45%.
In addition to income tax, we also have to pay national insurance (tax) on our earnings.
There is no national insurance payable on the first £9,880 we make (increased by £312 this year, saving us up to £41.34pa), then we pay 13.25% (an increase from 12%) up to £50,270 (which remains the same) and then 3.25% on income above that.
Esta historia es de la edición April 17, 2022 de The Sunday Mirror.
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Esta historia es de la edición April 17, 2022 de The Sunday Mirror.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
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