How much income protection can I claim through my UK tax return?

Income protection is a type of insurance that can help you financially if you are unable to work due to illness or injury. The amount of income protection you can claim through your tax return depends on your eligibility. To be eligible, you must have paid income tax and National Insurance contributions for the tax year in which you are claiming. You can claim income protection through your tax return by filling in a Self Assessment tax return form.

But who are the UK's best providers of Income Protection in 2023?

In this article:

How much income protection can I claim through my UK tax return?
How do I go about claiming income protection through my tax return?

How much income protection can I claim through my UK tax return?

If you are employed and paying taxes in the UK, you may be able to claim income protection through your tax return. The amount of income protection you can claim will depend on your individual circumstances.

How do I go about claiming income protection through my tax return?

You can claim certain tax deductions and credits on your UK tax return. Here are some of the most common deductions and credits that can help to protect your income:

• Personal Tax Allowance: This is the amount of money you can earn before you start paying income tax. For the current tax year, the personal tax allowance is £11,850.
• Tax-Free Savings Allowance: This allows you to earn interest on your savings without having to pay any tax on it.  
• Capital Gains Tax: This is a tax on the profit you make when you sell something for more than you paid for it. Currently, the capital gains tax allowance is around £12,000.

By claiming these deductions and credits, you can help to protect your income and ensure that you're able to maintain a certain standard of living, even if you're not working.