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 ...
Coursework Guidance (Report) - PERSONAL FINANCE module
Coursework Guidance (Presentation) PERSONAL FINANCE module
Estate Planning - PERSONAL FINANCE - Lecture 11 notes
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London South Bank University (LSBU)
London South Bank University
Personal Finance (BAF6PFI)
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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
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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