22/12/2024
You pay tax on things like:
money you earn from employment
profits you make if you’re self-employed, including from services you sell through websites or apps - you can check if you need to tell HMRC about this income
some state benefits
most pensions, including state pensions, company and personal pensions and retirement annuities
rental income (unless you’re a live-in landlord and get less than the Rent a Room Scheme limit)
benefits you get from your job
income from a trust
interest on savings over your savings allowance
You do not pay tax on things like:
the first £1,000 of income from self-employment - this is your ‘trading allowance’
the first £1,000 of income from property you rent (unless you’re using the Rent a Room Scheme)
income from tax-exempt accounts, like Individual Savings Accounts (ISAs) and National Savings Certificates
dividends from company shares under your dividends allowance
some state benefits
premium bond or National Lottery wins
rent you get from a lodger in your house that’s below the Rent a Room Scheme limit
