tax2u Constructor

Personal Income tax

tax2u Constructor

Each of us has a personal allowance. This is the amount we can earn without paying any Income Tax.

If you earn more than your personal allowance, you pay tax at the applicable income tax rate on all earnings above the personal allowance, but the allowance itself remains untaxed.

The standard Personal Allowance is £12,570 for the tax year 2023-24

Income tax thresholds for 2023-2024

Band Taxable income Tax rate
Personal Allowance Up to £12,570 0%
Basic rate £12,571 to £50,270 20%
Higher rate £50,271 to £150,000 40%
Additional rate over £150,000 45%
Like this post if you found it useful, click share so you can help your Facebook friends too
tax2u early bird

Early Bird

Limited Time Offer

 

Only

£ 11 +vat pm

£119+vat
(One Time Payment)

FIND OUT MORE

Limited places, first come first

Products Left: 2000/500

Offer End on: 6th April 2024

tax2u countdown final offer

Final Offer

Limited Time Offer

 

Only

£ 12 +vat pm

£178+vat
(One Time Payment)

FIND OUT MORE

Limited places, first come first service

Products Left: 2000/2000

Offer End on: 30 Apr 2021

CIS stands for Construction Industry Scheme, it’s a tax legislation put in place by HMRC to ensure all construction workers pay their tax. Read more

Some Your client or contractor has to deduct CIS tax from your pay each and every time they pay you. They then pay this tax deduction to HMRC who hold it on your account until your submit your tax return. Read more

Everyone in the UK gets a tax free allowance, this is the threshold before you have to pay any tax. However, as your client has already deducted your tax from earnings under the threshold you can claim it back. Read more

If you have earning over the minimum threshold (£12,570 for tax year 2023-24) then you can maximise your tax rebate by offsetting your income with business receipts. Read more

The main thing that you need is your CIS deduction certificates, payslips or your bank statements to prove income and tax deducted. Read more

You can claim back your CIS tax on the 6th April each year for the previous tax year. You then have until the 31st Jan (the tax return deadline) to submit your tax return. Read more

To claim back your tax you need to submit your self-assessment tax return. Read more

A CIS deduction certificate is the payslip that your client should give you each and every time you are paid. It will show the Gross, Nett and Tax deducted amounts that tax2u will need to reclaim your tax. Read more

It really couldn’t be simpler, log in or create your free account, upload your CIS deduction certificates / payslips and our accountants will do the rest. Read more



CLAIM MY TAX BACK