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This article focuses on the various ways individuals in the UK can cut their income tax bill on their investment profits. They include National Savings and Investments (NS&I), Individual Savings Accounts (ISAs), Junior ISAs, Enterprise Investment Scheme (EIS), Seed Enterprise Investment Scheme (SEIS), Venture Capital Trusts, Self-Invested Personal Pensions (SIPPs), and Small Self-Administered Schemes (SSASs).

This article serves as their guide on computing self-employed income tax rate, determining what tax allowances they may be eligible for, familiarizing the income tax rates and bands for the previous and current tax years, and filing their income tax return.

What it means to be self-employed, how to correctly determine employment statuses, which kinds of tax to pay, how much the tax rates for 2023-24 tax year are, and more—all these are outlined in this article.

In this article, UK taxpayers will get to know their subtle differences, what kinds of tax they are charged at, when they have to be paid, their allowances threshold, and how much taxes are imposed on them.