Understanding tax basics
A powerpoint that explains the tax system for pupils in year 10 or 11, fully up to date for the tax year 2023-24.
How does PAYE work? How much tax will I pay, and what about NI? When will I repay my student loan? What does a payslip tell me? There are two worksheets that accompany the ppt. One involves identifying items on a fictional payslip, and the second involves calculating how much a new graduate might get as take home pay when he lands his very exciting first job. It also touches on the differences between being self employed and employed, and brief description of the P45, P46 and P60 forms.

