Tax System In UK | Salary deductions in UK | National Insurance deductions in UK | Salary cut in UK

#UKTAX #NationalInsurance #NIDeductions In today’s video I am going to cover the income tax deduction on a salary which you earn in one financial year. So let’s first start with – What’s the difference between gross and net pay? Gross…

Tax System In UK | Salary deductions in UK | National Insurance deductions in UK | Salary cut in UK

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#UKTAX #NationalInsurance #NIDeductions

In today’s video I am going to cover the income tax deduction on a salary which you earn in one financial year.

So let’s first start with – What’s the difference between gross and net pay?

Gross pay is the income you receive before any taxes and deductions have been taken out. Your annual gross pay is what’s often referred to as your annual salary.

Net pay is what’s left over after deductions like Income tax and National Insurance have been taken off. It’s what’s often referred to as your take home pay.

So basically there are two deductions
1: Income tax
2: National Insurance

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