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glossary of terms
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Choose a letter:
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T
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take home pay the money you actually get paid after deductions such as income tax and National Insurance contributions.
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taxation
- local you may pay local taxes such as Council Tax. This money is used to pay for local services such as libraries and the police.
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national you are taxed in a variety of ways, for example, by paying income tax on your wages, by paying VAT when you buy certain goods, by paying the road fund licence for a car. These taxes are used to finance services such as the National Health Service, Armed Forces and education which are of benefit to everyone.
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tax code this code, with special tables, tells your employer how much tax-free pay to give you each pay period. Your tax code is worked out from your tax allowances and other tax adjustments
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tax this period shown on a payslip - how much income tax you have to pay this pay period. It is worked out from tables using your tax code.
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tax year a 12 month period running from 6th April one year to 5th April the next year. Taxes, such as income tax, are worked out over this period.
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tenant someone who rents where they live.
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term the time for which something lasts eg how long you have to pay back a loan.
- 30 day means you get your savings back 30 days after you told your bank or building society that you wanted it. 30 day accounts might pay higher interest than instant access.
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3 months means you get your money back 3 months after you told your bank or building society that you wanted it. You may be able to get your savings immediately but lose interest.
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total deductions on a payslip - this is the total amount that will be taken from your gross pay. What is left after this is your take-home pay.
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