Andrew Wade

Taxes and starting your first engineering job

News

Engineers starting their first job have a lot to think about, but they shouldn’t ignore their tax situation. The Student Engineer talked to UK tax professionals Tax Rebate Services to find out more.

Landing your first engineering job is a big deal. For many, this will be the first time being paid a monthly salary, and it’s important to know exactly what you’ll be taxed for.

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What are Income Tax and National Insurance Contributions?

Income Tax and National Insurance are two of the main deductions from your monthly wages. This system is called Pay As You Earn (PAYE), and if you’re self-employed, you will have to take care of these contributions yourself via an annual Self Assessment.

On the subject of National Insurance, we can’t speak of NI contributions without mentioning your Personal Allowance, which refers to the amount of money you can earn before getting taxed.

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