Complex information is explained in simple words. Thank You. One question: Does any person having a single job which is the only source of income needs to file a tax return?
Hi Prasad thank you for your positive comment and support -generally, if it's PAYE (employment income) as the only source, then quite often no you don't
Council tax is fair for people in same area. It is only not fair if someone who pays taxes have to pay it and someone who CAN WORK sitting home ang get it for free. Great social benefits 😭
So you pay income tax on your NI contributions. You also pay income tax when you receive pension. Isnt this double taxation? I would have thought NI would be deducted from total pay and you pay tax on remaining balance.
This is how it’s done in Germany. You either can deduct insurance contributions from taxable income but have to pay income tax on the received pensions or you pay your life insurance with taxed money and only the capital gains on the pension is taxed (with half the personal income tax instead of capital gains tax).
The tax rate for someone who earns up 12,571 -50 270 is 20% Is it 20% of your salary or what? Because 20% of 50,270 isn't 7540 it is 10,054. Can someone please explain I'm actually coconfused
taxation in the UK favours the very rich AND the very poor - everyone in the middle - most of us ordinary folks - are propping up the entire country - why ? because the govt does the maths very carefully - to see how best to screw the highest amount of income out of the population as a whole - not just the rich. in UK for instance, tax is so ridiculous that you only get to spend around £20 from every £100 you earn - surely this cant be true you say - but it is - when 70% of the price of petrol is tax, 60% of the price of alcohol is tax & VAT on almost everything (on top of duty ! ), you have income tax, corporation tax @25%, national insurance, road tax, gambling tax, car tax, insurance tax, travel tax, inheritance tax, capital gains tax, ULEZ tax - the list is endless - we tax on top of tax on top of tax - when you even die you are bloody well taxed ! BTW - you will NEVER get a straight answer from an accountant - a number cruncher - because there are severe laws and penalties that prevent them from giving you this information - even if they wanted to - I have asked plenty
@@tonydCFO Thanks - I have asked half a dozen of our accountants in NW over about 40yrs for the legal advice about mitigating tax from Bury, Burnley, Rawtenstall, Kendal, Lancaster, Haslingden - the most biting was - from Blackburn - "You live in the UK - so pay your tax" - it really feels like many accountants are worse than HMRC
@@irw4350 Oh no! the accountants won't let you commit fraud! you need to spend more on accountants, my friend. Only the rich ones cheat (that's why they're rich).
In the UK all tax laws are enacted by parliament wrapped up in what is known as the Finance Act - you can view the latest Finance Act 2022 here >>> www.legislation.gov.uk/ukpga/2022/3/enacted
Complex information is explained in simple words. Thank You.
One question: Does any person having a single job which is the only source of income needs to file a tax return?
Hi Prasad thank you for your positive comment and support -generally, if it's PAYE (employment income) as the only source, then quite often no you don't
Please video on the topic "taxes for selling services to non EU countries" or similar. This one was great.
Beautifully explained sir.... look forward for more information on UK Payroll and Income Tax
You're welcome Jay 😊
Can you please advise what Flex Allowance is and is it taxed?
Is the next year tax code is based on previous financial years total income including all the jobs we do
I’m just checkin my hmrc my
income tax paye summary for 2023 an 2024 is it full estimated amount for that year ?
Do3s overtime payments are also incud3d in base pay for taxes?? And how it could be calculated monthly?
Informative, Thanks for the content.
Hi Raghu S, you're welcome and thank you for your support
Council tax is fair for people in same area. It is only not fair if someone who pays taxes have to pay it and someone who CAN WORK sitting home ang get it for free. Great social benefits 😭
@@Truth_Seeker1 Speak to your employer. I’d imagine you get paid the whole previous month on the 10th of the next month.
Hi.. I was told I rent be taxed for the first 3 months of employment, but I was taxed first month and on going.
Learned a lot!
You're welcome Tyler
Whats is this Tax code 1275L M1/W1???
In my payslips its this code.
So you pay income tax on your NI contributions. You also pay income tax when you receive pension. Isnt this double taxation? I would have thought NI would be deducted from total pay and you pay tax on remaining balance.
This is how it’s done in Germany. You either can deduct insurance contributions from taxable income but have to pay income tax on the received pensions or you pay your life insurance with taxed money and only the capital gains on the pension is taxed (with half the personal income tax instead of capital gains tax).
I would like to know how much of my tax goes towards people who cant be bothered to go to work
Do you have a video on how to start a tax consultancy ?
Hi MM, I don't but it's something I can put on the production roadmap
It is beautiful explained😊
Hi Naqash thank you for your positive comment and support 😊 I'm really grateful that my content is useful and adds value to you.
Hello
Why do I have EE’s NI to date and ER’s NI to date on my payslip . I got hired through an agency . Is it right ?
Thanks for the video
You're welcome ProWhitaker
Thanks for sharing Every informative 👍
You're welcome ekaobong John, and thank you for your support.
The tax rate for someone who earns up 12,571 -50 270 is 20%
Is it 20% of your salary or what? Because 20% of 50,270 isn't 7540 it is 10,054. Can someone please explain I'm actually coconfused
taxation in the UK favours the very rich AND the very poor - everyone in the middle - most of us ordinary folks - are propping up the entire country - why ? because the govt does the maths very carefully - to see how best to screw the highest amount of income out of the population as a whole - not just the rich. in UK for instance, tax is so ridiculous that you only get to spend around £20 from every £100 you earn - surely this cant be true you say - but it is - when 70% of the price of petrol is tax, 60% of the price of alcohol is tax & VAT on almost everything (on top of duty ! ), you have income tax, corporation tax @25%, national insurance, road tax, gambling tax, car tax, insurance tax, travel tax, inheritance tax, capital gains tax, ULEZ tax - the list is endless - we tax on top of tax on top of tax - when you even die you are bloody well taxed ! BTW - you will NEVER get a straight answer from an accountant - a number cruncher - because there are severe laws and penalties that prevent them from giving you this information - even if they wanted to - I have asked plenty
Fair points IR W 👍
@@tonydCFO Thanks - I have asked half a dozen of our accountants in NW over about 40yrs for the legal advice about mitigating tax from Bury, Burnley, Rawtenstall, Kendal, Lancaster, Haslingden - the most biting was - from Blackburn - "You live in the UK - so pay your tax" - it really feels like many accountants are worse than HMRC
@@irw4350 Oh no! the accountants won't let you commit fraud! you need to spend more on accountants, my friend. Only the rich ones cheat (that's why they're rich).
Even though you say we need to pay taxes but I can't seem to find actual law that would force me as a living man to pay tax...?
In the UK all tax laws are enacted by parliament wrapped up in what is known as the Finance Act - you can view the latest Finance Act 2022 here >>> www.legislation.gov.uk/ukpga/2022/3/enacted
Getting rid of the background music would be excellent as it’s distracting, I’d personally rather just hear you talk.
Is there any tax benefits if Ricky's wife is not working? If yes, then how much?
I'm going to earn 615 per week.. Please can someone tell me which all taxes and deductions will apply on my salary??
Can u share ur experience
2% nationa insurance over 50k 😲😲 And we're calling council tax regressive 😬
Fair point Rodger
I don't like paying taxes to the government, but the only people I trust less with my best interests is capitalists. I'll strick with taxes for now.
are you sure about your information
Ronald.Christian
Ronald.Christian