Taxes: a guide for beginners

Dealing with taxes can be, well, taxing… especially if you’re self-employed or need to file your own tax return. On this page you will find helpful resources covering all things tax, answering questions such as “how do we benefit from paying taxes?”, “how do taxes work?” and “what happens if I don’t pay my taxes?”. From explaining income tax to how you can gift money to children, we’ve covered all bases when it comes to tax.

The rundown
  • Get to grips with the basics of how taxes work and the purpose of taxes
  • Understand the different types of tax, including regressive and progressive tax, and indirect tax
  • Find out if you’re eligible for tax relief

Learn about the different types of tax

Get to grips with the different kinds of tax, including how taxes work, what taxes everyone must pay, the benefits of taxes, the purpose of taxation and what might happen if you don’t pay your taxes. We also explore specific types of tax, such as inheritance tax, progressive vs regressive tax, indirect tax and capital gains tax on UK property. 

Income tax explained
Income tax explained

Does everyone have to pay taxes? The simple answer to this question is “yes”, unless you’re a low earner. The most common way to pay tax is as income tax on your salary. You might also be taxed on other forms of income; find out more in this guide.

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Inheritance tax
Inheritance tax

In this article, you’ll discover what inheritance tax is, who has to pay it, how it’s calculated and if there are ways you may be able to reduce the amount you’ll pay.

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Progressive tax explained
Progressive tax explained

Find out more about what progressive taxes are, what types of taxes are progressive, how they work and how they may affect you.

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What is regressive tax?
What is regressive tax?

Discover what regressive tax is, the different types of regressive taxes and the impact regressive tax has.

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Indirect tax
Indirect tax

On this page, you’ll find out more about indirect tax, how it works and how it might affect you.

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Capital gains tax on UK property explained
Capital gains tax on UK property explained

Read this guide to find out more about capital gains tax in the UK and how much you might have to pay.

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What you need to know about tax returns

Crucial for sub-contractors and the self-employed, we explain who exactly needs to file their own tax return, how to do it and when the tax return deadline is in the UK. 

Do I need to do a tax return?
Do I need to do a tax return?

This guide is for the more than 10 million Brits completing self-assessment tax returns for HM Revenue and Customs (HMRC). Find out all about tax returns, who has to complete them and what happens if your tax return is late.

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What is the tax return deadline in the UK?
What is the tax return deadline in the UK?

On this page, you’ll learn about the updated tax return deadline, what may happen if you miss the deadline and the key dates you need to know this tax year.

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UK tax codes explained
UK tax codes explained

In this article, we explain how UK tax codes are calculated, what they mean and the reasons they might change. You’ll also learn how to check your tax code and what to do if you have the wrong tax code.

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How tax relief works

Can you get money back on taxes? The answer is yes, as you might be able to claim tax relief. Many people aren’t aware of the tax relief they are entitled to, so we’ve taken a look at general tax relief as well as pension tax relief and working from home tax relief. 

Tax relief explained
Tax relief explained

This guide explains everything you need to know about tax relief, how it works, what you can claim tax relief on and how you claim it.

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Pension tax relief explained
Pension tax relief explained

On this page, you’ll find out everything you need to know about pension tax relief and how to claim it.

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Working from home tax relief explained
Working from home tax relief explained

When employees are asked to work from home, their expenses are likely to increase due to additional use of things like electricity, heating and the internet. Find out if you can claim working from home tax relief.

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What is the marriage allowance?
What is the marriage allowance?

In this article, you’ll learn what the marriage allowance is, how it works and whether you’re eligible to make a claim. We also answer some of your frequently asked questions.

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Paying tax when gifting money

If you’re thinking about providing financially for your children and grandchildren’s future, it’s important to be aware of the tax implications when gifting money. In this section, you’ll find out exactly how to gift money and how to stay on the right side of tax laws. 

What you need to know about gifting money
What you need to know about gifting money

In the UK, gifting money to your loved ones is pretty easy, but it’s important to bear in mind that some gifts might be taxed by the government. On this page, you’ll learn everything you need to know about gift tax, including your gift allowance and gifting exclusions.

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Gifting money to children
Gifting money to children

On this page, you’ll learn what these rules are, what the tax implications are on large gifts and things you may want to consider before you give your children money.

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