[ˈtæksəbᵊl ˈɪnkʌm]
Taxable Income is the amount of income that is subject to tax. It is equal to salary minus Personal Allowance, but other tax allowances can also reduce it.
Taxable Income is the amount of income that is subject to taxation in the United Kingdom. It includes all types of income like salaries, bonuses, self-employment earnings etc.
In the UK, some income is exempt from taxation. This is due to the existence of Tax Allowances. Most taxpayers are entitled to a Personal Allowance in the UK. The standard Personal Allowance is £12,570 for the 2023/24 Tax Year. Income Tax only has to be paid on income above the individual's Personal Allowance. This is the Taxable Income of an individual. There are also other Tax Allowances that can reduce an individual's Taxable Income.
Tax is collected on a Taxable Income by HMRC in the UK. This is done by either automatically deducting tax from an Employee's salary through the PAYE system, or a Self-employed individual must complete a Self Assessment.
January 31st is the deadline for submitting 2022/23 tax returns. It's a good idea to complete your tax return ahead of this deadline to avoid mistakes and potential penalties. This article shows why its a good idea to submit your tax return early and how Earnr can help you if you are stuck.
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We recently introduced our newest addition to the Earnr team; our AI chat bot, Earnr AI. In this article we put Earnr AI to the test and asked it why you should use Earnr as your tax companion, bookkeeping tool and tax return assistant. Read it's excellent response!
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The festive period is often thought of as the busiest time of the year with the run up to Christmas and New Year. Whilst this period can feel hectic at times, it can also be seen as the perfect time to complete your tax return. In this article we explain why this Christmas time is the best time to submit your 22/23 tax return.
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