The information on this page is for general guidance and is not financial advice. If you need more information or personal advice, please contact an Independent Financial Adviser.
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)and certain other duties
What is Income Tax?
Income Tax is a tax on your income but not all of it is taxable. You are allowed a certain amount of income each year without paying tax on it at all. This is called your Personal Allowance, which is usually around £10,000. If you are aged over 65 you may have a larger Personal Allowance.
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. For more details on the current tax rate and allowances visit www.gov.uk.
What is Taxable Income?
- 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
- taxable benefits
For Further Advice & Information Please Contact The Tax Team at Citizens Advice IOW:
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 and last year we successfully helped over 4500 clients deal with their tax affairs.
In the current climate, we urge anyone who needs advice with a range of tax enquiries including: Self Assessment, PAYE, Tax Codes, Tax Credits, National Insurance, Capital Gains and navigating online HMRC resources to contact us on the details below:
For more information or to book an appointment, please call
01983 823898 ext: 2836
or email us at
*HMRC has put arrangements in place to help businesses and self employed people affected by Coronavirus ( covid -19) and has set up helplines. Please contact us for advice on the support available