Tax You Might Not Know About

Most employees don't, but you may need to if you're self-employed, have untaxed income, are a higher earner with savings/dividends, or have to pay the High Income Child Benefit Charge. The online deadline is 31 January, and penalties for missing it start at £100.

You can earn up to £1,000 of trading income (side hustles, selling online) and up to £1,000 of property income tax-free each year, without even reporting it.

On profits from selling assets (shares outside an ISA, a second property, valuables) above the £3,000 annual exemption. Rates are 18% (within the basic band) and 24% (above). Using your ISA and the annual exemption each year keeps gains efficient.

No tax on the first £325,000 of an estate, plus up to £175,000 more if a home passes to direct descendants (so up to £500,000, or £1m for a couple). 40% above that. From 2027/28, unused pensions start counting toward the estate.

Marriage Allowance (a non-taxpayer transfers £1,260 of allowance to a basic-rate spouse — worth £252/yr, backdatable up to 4 years); Gift Aid (charities reclaim 25%, higher-rate donors claim more back); R40 (non-taxpayers can reclaim tax wrongly deducted from savings interest).