Do I need to file a Self Assessment tax return?

You must file if you are self-employed with income over £1,000, earned over £100,000, or have untaxed income such as rental income, dividends, or foreign income. The deadline is 31 January following the end of the tax year.

What is an ISA and how does it work?

An ISA (Individual Savings Account) is a tax-free wrapper for savings or investments. You can save up to £20,000 per tax year in 2025/26 and pay no UK income tax, dividend tax, or capital gains tax on anything earned inside it.

How much can I earn before paying tax in 2025/26?

Most people have a Personal Allowance of £12,570 for 2025/26. Income above this is taxed at 20% (basic rate up to £50,270), 40% (higher rate up to £125,140), or 45% (additional rate above £125,140). The Personal Allowance is reduced by £1 for every £2 you earn above £100,000.

What is the National Living Wage in 2025?

From April 2025, the National Living Wage is £12.21 per hour for workers aged 21 and over. The rate for 18–20 year olds is £10.00 per hour, and for under 18s and apprentices it is £7.55 per hour.

How much stamp duty do I pay as a first-time buyer?

From 1 April 2025, first-time buyers pay 0% stamp duty on the first £300,000 and 5% on the portion from £300,001 to £500,000. Properties above £500,000 do not qualify for first-time buyer relief and standard rates apply.

What is the difference between HP and PCP car finance?

Hire Purchase (HP) means you pay fixed monthly instalments and own the car outright at the end. Personal Contract Purchase (PCP) has lower monthly payments but a large optional balloon payment at the end — you only own the car if you pay the balloon.

What is the difference between a SIPP and a workplace pension?

A SIPP is a personal pension you manage yourself with wider investment choice. A workplace pension is employer-provided and includes employer contributions. Always contribute enough to get the full employer match before paying into a SIPP.

How do I check if my tax code is correct?

Your tax code appears on your payslip. The most common code is 1257L, which gives you a £12,570 personal allowance. If your code has a K prefix, W1 or M1 suffix, or an unexpected number, it may be wrong. Use our Tax Code Checker or contact HMRC on 0300 200 3300.

What benefits can I claim in the UK?

Common UK benefits include Universal Credit, Child Benefit, Council Tax Reduction, Pension Credit, Carer's Allowance, and the 30-hour free childcare entitlement. Billions of pounds in benefits go unclaimed every year — use our Benefits Checker to see what you may be entitled to.

How much should I save for retirement?

A common rule of thumb is to save half your age as a percentage of your salary — so if you start at 30, save 15% of salary. For a comfortable retirement, most guidance suggests a pension pot of around 25 times your expected annual spending. Use our Pension Forecast calculator to see if you are on track.

In-Depth Guides

UK Finance Guides

Comprehensive, plain-English guides on every aspect of UK personal finance. From ISA basics to advanced tax planning — find what you need, filter by topic, or search below.

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