Jobs and Career

If you’re a full time student who is set to graduate, perhaps the biggest culture shock you may experience is the incoming payment of taxes when you eventually land your job. It’s very easy to be confused by the UK’s tax rates, but here’s a basic rundown of what you should expect to pay.

The basic rate for UK taxes currently stands at 20%. This is the band that you will fall into if your annual salary is between £0 and £35,000. This is the considered the standard taxation rate for the vast majority of jobs at present.

If your earnings exceed £35,001, then you fall into the higher rate band. In this band the rate of tax stands at 40% and applies for salaries up to £150,000. Should your salary exceed this, then you will be given the additional tax rate of 50%. As a general rule, the more money you earn the higher tax rate you will have to pay.

Sometimes you may feel confused or overwhelmed by taxes; this is normal for a recent taxpayer. Fortunately, career advice is widely available from job agencies and frequently addresses tax issues and queries.

Taxes may seem like a personal burden, but they needn’t be. Thankfully, it is becoming easier and easier to pay your taxes, and more help is at hand for anybody feeling lost. So, whatever you worry about during your career search, it doesn’t have to be your taxes.