Question 1

What UK tax topics does this category cover?

Accepted Answer

The Tax & Finance category covers income tax bands, personal allowance, National Insurance contributions, VAT, capital gains tax, inheritance tax, Self Assessment deadlines, and HMRC guidance. Every article is cross-checked against gov.uk and updated for the current 2026/27 tax year.

Question 2

How do I know if I owe Self Assessment tax?

Accepted Answer

You must file Self Assessment if you are self-employed (income over £1,000), a company director, have income over £100,000, receive untaxed income (rental, foreign income, dividends over £500), or HMRC has sent you a notice to file. The deadline for online filing is 31 January after the tax year end. Use the Self Assessment tax calculator on CalcHub to estimate your liability before filing.

Question 3

What is the 2026/27 personal allowance?

Accepted Answer

The personal allowance for 2026/27 remains frozen at £12,570. This is the amount you can earn before paying income tax. It is reduced by £1 for every £2 of income above £100,000, reaching zero at £125,140. The marriage allowance allows a spouse to transfer up to £1,260 of unused allowance to their partner.

Question 4

When is capital gains tax due?

Accepted Answer

For property disposals, CGT must be reported and paid within 60 days of completion using a UK Property Return. For other assets (shares, business assets), CGT is reported on your Self Assessment return by 31 January following the end of the tax year in which you sold. The annual CGT exempt amount is £3,000 for 2026/27.

Question 5

How does National Insurance work for employees?

Accepted Answer

Employees pay Class 1 NI contributions. For 2026/27, the rate is 8% on earnings between the Primary Threshold (£12,570) and the Upper Earnings Limit (£50,270), and 2% on earnings above £50,270. Employers also pay 13.8% above the Secondary Threshold. Use the NI calculator on CalcHub to see your exact contributions.

Question 6

What is the higher rate income tax threshold?

Accepted Answer

For 2026/27, higher rate (40%) tax applies to taxable income between £50,270 and £125,140. Income above £125,140 is taxed at the additional rate of 45%. Scottish taxpayers have different bands set by the Scottish Government. Use the income tax calculator to compare your take-home pay under each band.

Question 7

Are ISA contributions tax free?

Accepted Answer

Yes — interest, dividends and capital gains within an ISA are completely free of UK income tax and CGT, and do not need to be reported on a tax return. The annual ISA allowance for 2026/27 is £20,000. Unused allowance does not carry over to the next tax year.

Question 8

What is inheritance tax and who pays it?

Accepted Answer

Inheritance tax (IHT) is charged at 40% on the value of an estate above the nil-rate band (£325,000). The residence nil-rate band (up to £175,000) can also apply when a family home passes to direct descendants. Married couples and civil partners can combine allowances. Gifts made more than 7 years before death are usually exempt.

Question 9

How is dividend tax calculated?

Accepted Answer

Dividends above the £500 annual dividend allowance are taxed at 8.75% (basic rate), 33.75% (higher rate) or 39.35% (additional rate) for 2026/27. Dividends within an ISA or SIPP are tax-free. Use the dividend tax calculator on CalcHub to see your liability based on your income band.

Question 10

Where can I find official tax guidance?

Accepted Answer

The primary source for UK tax rules is HMRC at gov.uk/government/organisations/hm-revenue-customs. For personal tax calculations and plain-English explanations linked to current figures, use the CalcHub Tax & Finance calculators alongside the articles in this category.

Tax & Finance — Page 79

Spring Budget 2026: Business Taxes, Self-Employed and IR35

Spring Budget 2026: What It Means for Your Take-Home Pay

Spring Budget 2026: National Insurance Changes Explained

Spring Budget 2026: Income Tax and Personal Allowance Impact

Self Assessment 2024/25: Deadlines, Penalties and What to File

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