Explained: How UK Income Tax Works

Have you ever wondered how your hard earned cash is actually taxed?

Well, wonder no more!!!

In this post I lay out how UK income tax works and what it means to you.

Myth Buster 101

In a recent poll on my Instagram page, 30% of the respondents believed a higher rate tax payer only pays 40% Income Tax.

So, if you only take one thing away from this post, let it be this:

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“A Globally Diversified Basket of Equities”… WTF does that even mean?!

If you’ve followed me for any amount of time or spoken to me about investing, I have most likely pulled out this line:

A globally diversified basket of equities

Me (about every 5 minutes)

But for those just starting out on their investment journey, I am aware it could lead to a WTF?! moment… ‘if I just nod and smile long enough he’ll eventually shut up’.

So, it’s time for me to right any potential wrongs and lay out exactly WTF I’m on about.

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Memento Mori: Carpe Diem’s Older Brother

The gods envy us. They envy us because we’re mortal, because any moment may be our last.

Everything is more beautiful because we’re doomed. You will never be lovelier than you are now.

We will never be here again.

Homer, The Iliad

Personal finance is much more than numbers and equations (if only it was that simple). It is also about behaviour and psychology. Habits, perspectives and your own thought processes. 

After all, we are only human. 

As such, there is a lot one can learn from philosophy to apply to personal finance and investing. 

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