How much Income Tax you pay in each tax year depends on a combination of how much of your income:
- falls within each tax bracket
- is above your personal allowance.
For most, personal allowance is set at a standard £12,570 [valid for tax year 23/24]. However, this may be higher if you receive:
- marriage allowance
- blind person’s allowance.
Your personal allowance may also be smaller depending on your income. For tax year 23/24, those who have a taxable income of over £125,140 do not get a personal allowance.
Check you’re paying the right amount
Have you checked whether you are maximising your tax-free income by utilising all of your Personal Allowances?
If not, we recommend you start now.
See the link for more details: Income Tax rates and Personal Allowances : Current rates and allowances - GOV.UK (www.gov.uk)
