Your income from all sources is brought together in a personal tax computation. All your income is not taxable and you’re only taxed on ‘taxable income’ above a certain level. Even then, there are other reliefs and allowances that can reduce your Income Tax bill – and in some cases mean you’ve no tax to pay. The tax year runs from 6 April to 5 April. Tax return must be completed by 31 January following the end of the relevant tax year for those who complete the tax return online and by 31 October following the end of the tax year for those who file by a paper return.
