UK Export Finance
020 7271 8010
66,796,807 (as of 2019)
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Taxation in the United Kingdom:
- The corporate income tax rate in the UK is currently 19% for all companies.
- Companies are required to file annual tax returns and make payments based on their profits.
Personal Income Tax:
- The UK operates a progressive income tax system with varying tax rates depending on the level of income earned.
- The current tax rates range from 20% for basic rate taxpayers to 45% for additional rate taxpayers.
- There is also a tax-free personal allowance available to all taxpayers, which is currently £12,570 per year (2021/2022 tax year).
- The value-added tax (VAT) rate in the UK is 20%, with certain goods and services being exempt or subject to a reduced rate of 5% or 0%.
Tax Payment and Calendar:
- The UK tax year runs from April 6 to April 5 of the following year.
- Companies are required to file tax returns and make payments based on their profits within 9 months and 1 day of the end of their accounting period.
- Individual taxpayers who are employed or receive a pension through the PAYE (Pay As You Earn) system have their taxes automatically deducted from their paychecks.
- Self-employed individuals and other taxpayers who are not subject to PAYE are required to file a self-assessment tax return by January 31 following the end of the tax year and make payments based on their income and other sources of taxable income.
The UK tax system is complex and subject to frequent changes. It is recommended to consult with a tax professional familiar with the specific circumstances in the UK for personalized advice on tax matters.