How Does UK Tax Work? | Income Tax Explained | PAYE

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VaagVaan, Have you ever been taught about this at school? Well in this video I cover all the essential information on how the tax system works! I hope you enjoy.
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If you want to know more about tax and how your income is affected WATCH this Video till the end.
This video is information I was not taught in school before doing A Level Economics and I made this video to let people know the essential information every teen should know before they leave school. Especially if you have a part time job and you are getting payslips you should know exactly what is on there and how income tax works. (PAYE)
Video Index:
0:38 - HMRC
1:23 - Where does tax money go?
2:13 - How do we get Taxed?
4:53 Proportional Tax
I hope you found some value or useful information in this video.If you did or you enjoyed the video make sureyou smash that like button! Please don't forget to subscribe so you can be notified when I upload new videos every Thursday.
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Hi, I'm Joe! Welcome to my channel. I am an Indian teenager ln the UK trying to learn and teach as many thingsthat make your life simply better.If you are interested in taking control of your personal finances and self development then please help yourselfby subscribing and joining the family!I will be posting every Thursday so stay tuned and make sure to have your bell notifications on
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2 сен 2020

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Комментарии : 171

@rhys6573 3 года назад

hope u know my teachers showing us this in class rn

@grace6275 3 года назад

me too, live lesson tho, good job in getting schools to use ur video :)

@laylahindlex8737 3 года назад

@@grace6275 aha same rn

@yumahthrows8106 3 года назад

@@laylahindlex8737 same

@AcryllixGD 3 года назад

Yup

@Old_SDC 3 года назад

Finally! A good teacher

@RIFTTax 2 года назад

As tax specialists we have to say, there's some great explainers here!👍

@johnholme783 3 года назад

Simple no nonsense explanation, thank you!

@karatemario2760 Год назад

Thanks for being out here teaching the real facts we need 🙏

@benwestlake4778 2 года назад

Great info thanks. I recently started a new job with commission and was worried that if I earned over 50k for the year I would get taxed 40% tax on the whole amount so I have been under performing to keep it under 🙄 glad I watched this now.

@Dan-ek5oc 2 года назад

😂

@nikhilmuthoottil 3 года назад

Thank you for this video. Was really helpful.. good work brother

@jeromebutcher1358 2 года назад

Started studying economics.This video really helped.

@denzilfernandes4611 3 года назад

Wow. Thanks bro. This video is of great knowledge. It really answered my questions. Thanks a lot👍

@ohtherealher8072 3 года назад

This is so informative! Thank you

@gracjanwatches8965 2 года назад

Thanks mate, you made everything clear👍🏻

@curtiscarpenter9881 2 года назад

We tax on what we buy VAT, on income with income tax, on a pension with tax on that, we pay tax on a inheritance. Its not double taxation its quadruple taxation and its not economical because it doesn't solve a issue or contribute to the benefit of the most people involved in it, it makes us spend less, able to save less, spend less in the long term and leave less behind, money requires earning to be saved, spent, debt to be paid off, losses recovered. A free tax guide would help every year by email or post.

@technophobetortoise9646 3 года назад

this was really useful, thank you

@zeenadunkeld3053 Год назад

You are a brilliant young man. thank you. Word perfect, perfect diction. x

@PPPouni 3 года назад

Thank you! Super helpful!

@hamedmajed2153 2 года назад

Long time i want know . you are excellent I learnt loads thank you

@Mystearicia 2 года назад

might possibly be going to uk for work and this was extremely helpful :D

@yourface07 3 года назад

Great video mate. Keep it up

@andyteemal6613 Год назад

great thank you for communicating it clearly.

@thomasnicholson6869 Год назад

Very helpful video man, i did not know half of that

@rahulahoop1 2 года назад

great vid! well explained:)

@agnelodearaujo7413 Год назад

Excellent explanation, and a great video too !

@tyrajammeh2314 11 месяцев назад

This was very helpful, thank you ☺️

@ayenioluwakemi9307 3 года назад

Please do more detailed video on the types of tax

@Kiksteris Год назад

good video, thanks for sharing this. I'm working on learning about money and becoming financially independent.

@Desiklown 3 года назад

Cheers mate very good content

@drharisht4989 3 года назад

Thanks for the info bro.

@jordan9671 Год назад

Great video Joe 👍🏾

@adebowaleadebayo3410 2 года назад

Great stuff You just answered the nagging question on my mind

@nayanasreejith5002 3 года назад

Thank you... Very helpful

@maksimoose3311 3 года назад

this was extremely useful. Im about to start college and i was just worried about my future.This really helped with my confidence

@edfenton8194 3 года назад

Nice one Joe! Can you give me an explanation on how income tax effects commission.

@prasadadithi42 2 года назад

Ithu pwolichu bro 😎 useful content

@adambakhtiari2376 3 месяца назад

I am new to this country, and these videos were very helpful for me

@ekaobongjohn443 3 года назад

Thanks for sharing very helpful 👍

@hamidabegum7694 2 года назад

Amazing video!

@islamicbayans3217 3 года назад

Good knowledge thanks

@ForbiddenWordsASMR 2 года назад

thx this video helped me

@leemelhawati 2 года назад

Very good explanation.

@movieclipschannel 2 года назад

Bro can u explain about pensions how its taxed and how much taxed and more

@JoeGeorgekutty 2 года назад

Check out my National Insurance video - that touches on Pensions and more money that's taxed👌

@hamedeldaw5293 2 года назад

Hi Joe ,I need your advise about taxation module. Can you help me please?

@purvapc 3 года назад

This good a good session ✌️ Btw 3:50 those were baby hands 🤭

@hannahmitchell6262 3 года назад

Wow. Ok.... I’ve learned something new...

@bamksj95 3 года назад

Super useful 😄👍

@orianasetzmusic 11 месяцев назад

Thanks for the info. Except if you're not getting any reward from your work besides monetary, it's time to look into better options ❤

@globeheating1684 2 года назад

Taxes aren’t the problem. It’s how the government spend it that for me is the problem. A small group of people decides how it’s spent . There should be public votes for major decisions.

@Fleetstreetbestone Год назад

What do you classify as a major decision though

@dangerkill16 10 месяцев назад

@@Fleetstreetbestoneinternational business and anything that would affect the country in a big way such as the amount spent on farms, roads, military and NHS

@alengeorgeuthup491 3 года назад

Good work brother

@tjstretton9755 8 месяцев назад

This is awesome info! Question for you. I started working in the UK (casual work) in September 2022. The Tax year is over in April as you mentioned. I believed that the tax was paying (being calculated and coming out of my pay), I should see the majority of that money back. What does this process look like? I never received anything back and I don't even know how I would get it back.

@diysam9040 2 года назад

Well explained

@kayodeakano9758 2 года назад

Great info. What happens if one was doing two jobs paying say 30k each?

@abhishek4702 9 месяцев назад

Watching from india your teaching method is very good

@Tyndaal604 Год назад

How would I go about getting taxed? I know it sounds silly but I've not been getting taxed for the last three months at my new job and it's rather concerning.

@infinite101_ 3 года назад

This video is rly informative and clear wth lemme check your channel out

@mohammedqasim45 3 года назад

Can you make a video on how much you get taxed when you work 2 jobs

@urvoshibondona5081 3 года назад

This is what I was searching for!! Thanks :). Also loved your accent though. I am learning British accent. You should really teach English, not kidding.

@mattm7777 2 года назад

I am happy to see someone learning a British accent instead of an American accent.

@pgon2641 3 года назад

Hello! You said that one MAY STILL get taxed however, we shouldn’t worry because it will be returned by April. My question is how do they determine how much they’re taxing you (the one that they’ll return) for a specific time period (in this case, a month’s worth of work) when they shouldn’t be taxing you (you have not reached the allowance threshold). You can make up an example based on a specific tax code and salary to explain precisely. If you do reply, thank you very much!

@JoeGeorgekutty 2 года назад

I think they average your monthly for the year and tax it that way if not it is usually around 20% of your monthly income if not earning above the primary threshold.

@EliteYak Год назад

@@JoeGeorgekutty wait is is if you earn 12.5k per year?

@jujujujajajaja6834 Год назад

Thanks 😊

@akshayshah6254 3 года назад

Nice informative video of progressive tax slabs in UK. Do you help in filling of taxes.

@JoeGeorgekutty 3 года назад

Thanks and I am not a financial advisor so I will not be able to help you there🤝

@mattm7777 2 года назад

@@JoeGeorgekutty 20k views and schools are viewing this as well, congratulations!

@klaudfit 3 года назад

love this

@wonderfulbrilliant2156 9 месяцев назад

Part 2 please ❤

@kawerikamble7728 3 года назад

Hey can you explain us how to calculate K tax code

@benjackson5237 3 года назад

Buchanan gets an assist for this

@JoeGeorgekutty 3 года назад

Edmodo came in handy peters

@rabailuk9229 Год назад

Oh u r a bron teacher! Excellent explanation

@Retrocrema 3 года назад

Yoo . Could you compare UK tax with Switzerland. Or talk about brexit? Please

@abhaymahadik4607 3 года назад

How tax codes are determined ? I have seen people earning same salary with different tax codes. one pays tax and other doesn't.

@JoeGeorgekutty 3 года назад

In a whole Tax Year it should balance out. There are many factors in play. 1 maybe the date which they started working. But after a whole tax year it should be the same after filing right amount of tax and tax returns.

@maxumphampora2696 2 года назад

so does that mean everyone is paying the same £7600, if they’re earning up to or over the 50k bracket. (Not including the tax included past that threshold)

@TheTravelDiaries486 2 года назад

Hi Dear can you please tell me I am now started working which tax return I can claim I never claim in my life before is it working tax or what is best to claim

@annispanikulam4843 3 года назад

I have a doubt.if my friend is contributing to me some money from America as a charity, and if I use it for time being, do I need to pay tax for this? Thanks

@lordmfitzgerald3rd754 3 года назад

Hey Joe! What do you think of if the public would be given the choice of what they want their taxes to go towards when they pay it? Instead of it being decided by someone else?

@infinite101_ 3 года назад

I think this is a good idea, but the government wouldn't allow that

@evilm4dn3z62 2 года назад

@@infinite101_ yup, nobody would admit it but why would you pay for someone else's welfare so they can afford to not work whilst you do (unless they made the effort to split this into disability and circumstantial welfare)

@charlierashi100 2 года назад

One problem I see with it is that one area could receive an abundance of funding, whereas another may find itself under funded. Think the NHS vs the military. Everyone would want their money to go to the NHS because it affects us all in a positive way. The more money that goes into it, the better our lives are. But now imagine the military. It doesn’t affect us civilians as noticeably in our day to day lives as something like the NHS, and so less and less people would choose to allow their tax money to go towards it, but it is important that we keep it funded to a moderate level.

@maxumphampora2696 2 года назад

I mean this is the illusion of democracy we technically live under. We’re meant to be voting for MPs and PMs whose interest align with our own

@poveyzproductions7606 3 года назад

How do you get taxed for your youtube ad income etc?

@stuffhappens7152 3 года назад

Income tax, probably fills out a self assessment

@desitraveller7542 2 года назад

Good presentation! I have one doubt, as a nurse i earn 2000 a month after deductions, so in an year i earn 24000!!! Is that my earning or 2600 ( includes paye and NI) in to 12 months 31200? My total earning for the financial year will be 2400( the money after deductions) or 31200 without deductions? Just want to know what’s my total earning in year as per HMRC, do they calculate all the money i am paid or the take home is considered as my earning?

@cecilytse2411 3 года назад

If I trade currency and get money from forex, it count it as income tax or capital gain tax in UK?

@ashez5584 3 года назад

I’m not 100% sure but I believe trading currency isn’t within the scope of tax overall.

@evanspanama-igumah4878 Год назад

Please do i have to apply for a tax refund or they automatically refund d excess?

@jgoat4250 3 года назад

Quality vid lad 🤘🏽

@JoeGeorgekutty 3 года назад

Cheers geez💪💪

@TheTravelDiaries486 2 года назад

Can you please tell can I claim I working 5 years and never claim please tell me how I can claim

@arunsjohn825 Год назад

How much will cut wen i work for two employer's..

@jon-7-9 Год назад

0:50 corperation tax ay?

@osiang2919 2 года назад

hey i worked over the summer and made nowhere near £12.5k. Was wondering why i got taxed over £500? Is there a way to get this back and what kind of tax is this?

@azlansharif347 3 года назад

Teacher Challa🍯

@abdulrahmanabusanenah1553 Год назад

You could have use a board to explain

@donboi9378 3 года назад

Do we have to do anything to get tax return, like do we have to apply for something or do we automatically receive them? And do we get 100% of the tax return....?

@JoeGeorgekutty 3 года назад

You can register for self assessment on the gov website to see if you will get tax return go on there you will see more information. And yes you will get 100% of the tax you are not entitled to pay.

@jitz5918 3 года назад

🥰👏🏼👏🏼

@SwitchIOS 3 года назад

This is hella confusing but very useful

@rhochelealexespimentelpime7348 Год назад

Man my gross wage in a year is £25600 per year. When should i start paying tax? Should I start paying tax in my first salary or after earning the £12,570 (personal allowance). I hope youll answer me. Thanks Joe.

@evka24 9 месяцев назад

You pay on anything over ur free tax allowance 20% if you earn over 50 k you pay 40%

@LadyNicoleMacleod 2 года назад

American here. Hiya so they do the taxes for you then. Interesting we get are taxes taken from our checks but also they make us apply to do taxes each year. This sounds so much more simple.

@JoeGeorgekutty 2 года назад

That seems like a lot of effort. There can be times where people have to let them know of changes because tax calculation wasn't Correct.

@noueruz-zaman7894 2 года назад

But something doesn't make sense I earn gross monthly of 3800 but I get net of 2700. So, i am being charged 2000. Because 45-11 is 34,000 so 34 x 0.2 should be 14.5% but current I am being taxed at 19% (45-32K X 0.2).

@yaz8815 3 года назад

does anyone know if we have to pay tax for tiktok money in the uk?? like i’ve only earned £50 so far and i wanna withdraw it but i’m not sure if i have to pay tax for it or not??

@JoeGeorgekutty 3 года назад

Not for that amount you don't 👌

@bilalKhan-qx6rk 3 года назад

Please tell us about as an entertainer how much tax I need to pay.. as an you-tuber or as online host on apps like bigo plz

@ashez5584 3 года назад

If you are an entertainer then you are most probably self employed. The same rules apply, you will have to file a U.K. tax return and declare all your income earned in the tax year on the form. It’s no different to being employed.

@realobama1100 2 года назад

American taxes: What is the rotation of the donkey compared to a 9 sided pentagon when cheez its = 5% and pillows = y/sin times ♾

@shohibahmed2822 3 года назад

👌🏽👌🏽

@thomascrummey8696 11 месяцев назад

Im currently 15, lets say in the future i earn say 35k a year, but i set my business up in a country with 0% tax such as dubai, does that mean i have to pay 40% tax because i live in the uk or does it mean i pay 0% cos my funding is going through dubai

@BMFAWAD 3 года назад

👍👍👍🙏

@Mr1cabbage1 2 года назад

Great uploads..question.. if I'm self employed and working for an employer can I obtain the zero rate tax allowance for up to 12500 or will they start taking tax straight away from wages..

@MrJamieFRESH Год назад

Did you find an answer for this as I’m in the same boat? I don’t get it

@mirackeles5789 2 года назад

mashallah

@jaspalkalsi4581 3 года назад

Hi joe Can u tell how u pay PAYE if you are self employed?

@JoeGeorgekutty 3 года назад

If you're self employed register as a sole trader on HMRC website and then you'll get an amount to pay annually 👍🏽

@mauamolat 3 года назад

@@JoeGeorgekutty Can you link me to your video in regards explaining at the stand point of the Limited company and how to charge taxes to services

@JoeGeorgekutty 3 года назад

@@mauamolat I have not YET made a video on this I will be sure to look into it and deliver a video containing the right information 🙌

@mauamolat 3 года назад

@@JoeGeorgekutty Thanks, Man. Subscribed. Keep up the great work! :)

@ashez5584 3 года назад

You don’t pay PAYE if you are self employed.

@spongebob11636 2 года назад

My guy

@mjrashid6070 3 года назад

Do you know what kutty means?

@JoeGeorgekutty 2 года назад

No I don't

@ulfberht4431 2 года назад

I wonder: if you work for the tax company, then do the tax collectors pay taxes too? Where do the tax payer’s taxes go or do they get off Scott free?

@jaydinachkar7581 3 года назад

POV: your teacher sent you

@sandratogneri9982 2 года назад

Questions? ..if your not working any more not earnering enough to pay tax anymore ....But if you give clothes to charity shops etc ...you can gift ad ...if you pay tax....We all pay tax on everything we buy ! So yes I pay tax ...so maybe rules need to change ....XXX

@HAZNAUT 2 года назад

*Taxes should be manditory to learn* insead we're just shoved out into abyss

@petermurphy75able 2 года назад

I get paid weekly and, because of overtime, I will be creeping over £50000 at week 49. What happens then? How much tax will I pay in those last few weeks? Any help will be appreciated.

@JoeGeorgekutty 2 года назад

You'd be paying £7,540.20 plus 40% of the amount above £50,271 Only be paying 40% on every pound above £50,271

@petermurphy75able 2 года назад

@@JoeGeorgekutty Thanks