The amount of tax payable on the income you make from selling online is determined by the Income Tax band your total taxable income falls into. You’ll pay:BandTaxable income Tax rate Personal Allowance Up to £12,570 0% Basic rate £12,571 to £50,270 20% Higher rate £...
Basic Rate 12,571£ – 50,270£ 10% Higher Rate 50,271£ – 125,139£ 20% Additional Rate Over 125,140£ 20% Example: Capital Gains Tax For example, if your annual income is 60,000£ and you've made a 10,000£ gain from selling Bitcoin: 1. Subtract the tax-free all...
For those in higher tax bands, there are tighter limits on how much interest you can earn on savings without paying tax: *For England, Wales and Northern Ireland. Scotland has different income tax bands. Scottish basic-rate taxpayers receive the £1,000 allowance up to the higher-rate thre...
750 pounds before they are charged income tax. The Basic rate of 20 percent applies to income between 12,750 and 37,700, with a higher rate of 40 percent charged on incomes between 37,701 and 125,140 pounds. The highest tax band stands at 45 percent, for earnings over 125,140 pounds...