Directory results
Result 1 of 1 results
-
Slash Your Tax for Small Businesses - 4. How business profits are taxed - 4.9. How an individual is taxed - 4.9.9. What’s the basic rate of tax?
4.9.9. What’s the basic rate of tax?For 2020/21 if your taxable non-savings income exceeds the savings rate band, the savings rate will not apply and the first slice of your taxable income will be taxable at the basic rate of 20% up to the basic rate band (£37,500). If you have savings income taxable at the savings rate, the basic rate band will be reduced by the amount of income taxable at the savings rate.ExampleJulian, from the previous example, will be taxed for 2020/21 as follows: £Tax at basic rate...Click here
Result 1 of 1 results