In the week that Prince Harry and Meghan Markle announced they want to step back as senior royals and become financially independent, Marc Shoffman and Joshua Gerstler explain what the pair and others need to know about income tax.

What is a tax band?

Why do we pay income tax?

What are the different income tax rates?

How to reduce your income tax bill

How a round of beers explains how the tax system works

Show links

Here are some links to subjects we discussed in this week's show so you can find out more.

Tax rates

Beer and income tax

About us

The In For A Penny podcast is produced and presented by freelance personal finance journalist Marc Shoffman and The Orchard Practice financial planner Joshua Gerstler.

Each episode aims to address the confusing concepts and challenges from the world of business, finance and wider society.

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