Understanding your taxes is crucial when you start working
This is especially true if you’re starting your first job after leaving education. In the UK, you will have to understand the role of HM Revenue and Customs when entering the world of employment. HMRC are responsible for collecting taxes and helping people with targeted financial support in the UK.
National Insurance rates are also tied to your pay. Combined with payments from employers and the Government, national insurance qualifies you for certain benefits and the state pension.How much Income Tax you pay in each tax year depends on how much of your income is above your Personal Allowance and how much of your income falls within each tax band. The standard personal allowance is £12,570, meaning you will not have to pay tax on this.
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