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Income - PERSONAL FINANCE - Lecture 3 notes

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Personal Finance is an option module for students studying Accounting and Finance. This document covers: income, state benefits in the UK, sources of income, 'informal' economy, minimum wage, payslip, income tax, National Insurance, where do taxes come from, where do taxes go, tax year, income tax rates, National Insurance Contributions, employment income, benefits in kind, dividends income, self-employment, graduate considerations, income level by occupation, public sector versus private sector, income level by age and gender, ways of increasing income.

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Institution
London South Bank University (LSBU)
Course
Personal Finance (BAF6PFI)

Content preview

Module: Personal Finance


Lecture 3 – Income


Income
 Income flows from assets
- Assets (wealth) are a stock of capital – what an individual owns and that
has a monetary value.

 Assets can take different forms:
- Property
- Shares, bonds, jewels, cash, artwork
- Pension fund
- You

 Income is also from different sources:
- Wages and salaries
- Income from self-employment
- Investment income (dividends, interest)
- Pensions
- Social security benefits and tax credits


Sources of Income
Family Resources Survey 2016/2017
Annual survey of about 20,000 households

Sources Percentage
Wages, salaries & self-employment 71%
Benefits & tax credits 15%
Private pensions 8%
Other 5%

Significantly more working people are employees rather than self-employed


State Benefits in the UK
 There are lots of different benefits available:
- Universal Credit (housing benefit, jobseekers’ allowance)
- Child Benefit
- Tax Credits
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Mary Carey, Jane King Personal Finance
  • 2017
  • 9780198748779
  • Unknown

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Institution
London South Bank University (LSBU)
Study
London South Bank University
Course
Personal Finance (BAF6PFI)

Document information

Uploaded on
May 28, 2021
Number of pages
8
Written in
2020/2021
Type
Class notes
Professor(s)
-
Contains
Income

Subjects

  • personal finance
  • accounting and finance
  • financial planning
  • income
  • accounting
  • income tax
  • national insurance
  • personal taxation
  • self assessment
  • financial independence retire early
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