We all work for one reason: to make money. OK, we know many of you love your jobs and do it for the satisfaction and warm glow that comes with a job well done. But, let’s face it, we still need the money. Unfortunately, we don’t get to keep 100% of the fruits of our labour. Instead, we have to give the government a cut to pay for public services – everything from building and maintaining our roads and schools to running the National Health Service.
So here’s a run-through of the two deductions you’ve probably spotted on your payslip: income tax and National Insurance.
How much you pay in income tax depends on how much money you earn. All UK residents have a personal allowance, which is the amount of money you can earn or receive ...