If you are an individual with additional sources of income which need to be declared to HMRC each year then these will be included on your self-assessment tax return with the relevant tax deducted.
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What income is taxable?
Personal tax is anything not related to the business you own, for example
- If you rent a property, that is not your primary residence, you will pay Income Tax on the profits.
- If you receive dividend income on shares held you will pay Income Tax above the dividend threshold.
- If you dispose of an asset, such as a second property, then the profits made on the sale will be subject to Capital Gains Tax.
- You may have pension income or employment income which is then supplemented by a small income from Air BnB or eBay selling, this would be classed as Self-Employment and where profits exceed £1k they would be subject to Income Tax and National Insurance.
- You may also be required to complete a self-assessment tax return if you earn over £100k, claim Child Benefit as a higher earner, have benefits in kind to declare or have sufficient income received from savings interest.
Capital Gains Tax (CGT)
Capital Gains Tax is payable on profits from the sale of property (that isn’t your main home), investments and assets. The gain is the amount that’s taxed, not the money you receive from the sale (for instance you can deduct the initial purchase price and other allowable costs). You only pay tax if the gain is above your Tax-Free Allowance. The tax-free allowance and CGT tax rates are published in the Government’s annual Budget Report.
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