UK income tax explained - all you need to know to fill in your tax return

[@PAOKFC1000]

Thank you, Iain, for your generocity! It would be great if you could do Scottish tax and add property income and expenses.

[@IanShadrackInvesting]

Property numbers are included you input the net of income less expenses and also input the mortgage tax credit

[@PAOKFC1000]

@@IanShadrackInvesting thanks again! One advancement could be to include How Donations can impact tax bills?

[@babajideg.1249]

Hi Ian, Please 🙏 help me understand my tax issue, i have two jobs (weekly paid - job A and monthly paid - job B. I want my job B to be identified as my 1st with HMRC and job A as 2nd job. Please what do i do? Do i quit jobA,? I have call hmrc i was told i can't change it. Thank you

[@olamideojo6977]

HI, if we assume no pension contributions, for an income of £180k, then is 20% directly on £50,270, and 40% on £99730 and finally £30,000 charged at 45%?. then income tax will be £ is this correct £63,446??

[@IanShadrackInvesting]

No it is £67,203 see the tax calculator for details (link in the description)

[@olamideojo6977]

@@IanShadrackInvesting thanks for this, but i don't understand why the excess income above 100k is charged at 60%, since we losing a PA of £12570 . pls help

[@ianjohnson2866]

Thanks Ian for a very helpful video, I shall be using your spreadsheet. It has thrown up a few questions I’d welcome your thoughts on; 1) Why isn’t the additional rate of tax quoted as 65% as you still have no personal allowance. 2) Should you wait for HMRC to say you need to complete a SA form. 3) Is there anything you can request from HMRC to see what effect paying extra personal pension contributions has on your net adjusted income. Many thanks

[@JerryStarmer-mr8tw]

The personal allowance is pathetic. No wonder people can't afford to have kids anymore.

[@crassusofrome6386]

Hi Ian, Love your content! As a 28 year old with a 25+ year investing horizon, and a high risk tolerance (willing to stomach high volatility for higher long term returns), my portfolio is 80% invested in UK smaller company investment trusts, 10% invested in Japanese smaller company investment trusts, and 10% other ITs. I know I'm lacking diversification and am okay with that. Any comments and/or advice would be highly appreciated!

[@SteveMoore1969]

It's good to see someone young prefer the UK over USA/s&p500 it's been a horrible decade. I hope you're right and it pays off sooner than 25years.

[@crassusofrome6386]

​@SteveMoore1969 It was a great decade for the UK smaller company ITs before the last few years! IMO US valuationd look bloated and fast growing smaller UK cos have very attractive valuations