Articles on: Tax Management

What is Tax Allowances in Native Teams?

The tax allowance tool developed by Native Teams will assist you in both comprehending and following the current tax laws and regulations and gaining the greatest possible tax savings. This function aims to provide users with a selection of tax allowances or benefits that are not subject to taxation!

A tax allowance is an amount of money you can earn or spend without paying any tax on it. Every citizen has a "personal allowance," or the amount of money they can make or spend before having to pay taxes.

The primary function of the tax allowances is to lower your taxable income. As a result, you can keep more of your annual taxable income. You only have to pay income tax on the amount of your income over your tax exemptions.

Learn more about Tax Allowances in the video below>

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Updated on: 07/08/2023

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