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STS Glossary

   
IR111 Bank and Building Society interest guidance notes.

P11D

This form is provided by your employer that summarises details of all taxable benefits provided to you for the entire tax year.

P38s

This form should be used where you work during holiday periods only.

P45

This form is given to you when you leave a job.

P46

This form is given by you to your new employer if you do not have a relevant P45.

P50

This form should be used to reclaim tax on earnings.

P60

This form is provided by your employer which summarises your earnings , tax and national insurance paid by you for the entire tax year.

P91

This form should be used to provide details of your employments to the HM Revenue and Customs.

R40

This form should be used to reclaim tax on savings income.

R85

This form should be used to receive interest on certain savings without tax deduction.
   

Basic rate of tax

the standard rate of income tax, currently 20%

Capital gains tax

generally tax on profits from investments such as property, shares etc

Gross

term generally used to denote a figure before tax is deducted.

Higher rate of tax

the highest rate of tax, currently 40%

Inheritance tax

generally tax on assets when you pass away

Income tax

generally tax on sources of income such as earnings, interest etc

 

 

National Insurance

generally a contribution you pay towards health, state pensions, benefits etc

National Insurance number

a unique reference to you for tax and national insurance purposes

Net

term generally used to denote a figure after tax is deducted.

PAYE reference

a unique reference provided to your employer for tax purposes

Rent a room scheme

a tax free allowance available to use in certain rental circumstances

Starting rate of tax

the lowest rate of income tax, currently 10%

tax allowances

tax free amounts provided by the Inland Revenue before you pay tax

Tax bands / threshold

determines the rate at which you pay tax

tax code or PAYE code

is broadly used to determine how much tax you should pay on your earnings.
tax year runs from 6th April to the following 5th April



 

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