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Lecture notes

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 ...

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  • May 28, 2021
  • 8
  • 2020/2021
  • Lecture notes
  • -
  • Income

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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

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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