Rock2089

Just need to know about taxes in Uk
Above 10,000 to 48,000 pound tax is 20% And other taxes is National tax,property tax,car insurance, road tax,
Is this all or anything else remaining.


For me I am expecting 23,000 to 24000 per annum and same for my wife.

So any tax expert can tell me

scot47

National Tax ? I think you need to do some background reading and get the terminology right. Are you fererring to National Insurance ? "Property Tax" is Council Tax in this jurisdiction.

Rock2089

Pls make it correct and did I include all taxes or anything missing

christmasoompa

Car insurance isn't a tax. There's VAT ('sales tax') to add to your list. Lots of other taxes such as stamp duty, inheritance tax, capital gains tax, etc, but they probably won't apply to you.

Is it just the two of you that will be on that £46-48000 salary or do you have children?

christmasoompa

Above £11,500 and below £45,001 for the current tax year. I think you're looking at out of date info.

Rock2089

I have 2 children age 9&5

And thanks for correcting again.

Rock2089

My and wife salary will be around 23,000 to 24,000 each/per annum

HKG3

The upper limit is only £43,001 in Scotland.

https://www.gov.uk/scottish-rate-income-tax

Rock2089

Thanks

BritInParis

The main two are income tax and National Insurance (state pension) contributions. If you work for an employer then these will invariably be taken at source automatically.

If you own a car you will need to pay Vehicle Excise Duty (road tax) every six or twelve months. This varies depending on the CO2 emissions. Some very low emission cars are zero rated, high emission cars can cost several hundred pounds a year.

Value Added Tax or VAT (sales tax) is added to most consumer products. This is included in the price tag so the price you see is the price you pay.

If you rent or own your property you will need to pay Council Tax (property tax) which is based on the nominal value of your home. This is usually paid monthly.

There are other taxes like Stamp Duty (property purchase), Capital Gains tax and inheritance tax but these are for one-off events.

durham_lad

You will also be taxed as individuals, so the allowances and bands mentioned above are for each person.

BritInParis

Married couples do receive a tax break for income tax if one is not working or earning below the income tax threshold. The OP indicates that both he and his wife will be earning more than this however so it won’t relevant to their circumstances.

https://www.gov.uk/marriage-allowance

durham_lad

Exactly, sounds like they will both be earning similar amounts. I just wanted to make clear to him that the allowances stated are for each person in their circumstances.

Rock2089

Thanks to all those who take time and replied here

scot47

Try this for background

https://en.wikipedia.org/wiki/Taxati...United_Kingdom