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Tax Chat - Pre year-end tax planning
Jan 30, 2012
The 2011/12 tax year ends on 5 April and so we have a couple of months to carry out any pre-tax year end planning. Here are a few key points to bear in mind:
The 50% rate of income tax still applies if your taxable income exceeds £150,000 – keep below this amount if possible
Your personal tax allowance of £7,475 is withdrawn when your income exceeds £114,950. You lose £1 of personal allowance for every £2 of income in excess of £100,000
Income falling within the band of £100,000 to £114,950 is taxed at an effective tax rate of 60% - plan so that your income falls below £100,000 or above £114,950
For further information or to discuss, please contact Lesley Sutton on 01484 550037 or taxchat@revellward.co.uk.
The 50% rate of income tax still applies if your taxable income exceeds £150,000 – keep below this amount if possible
Your personal tax allowance of £7,475 is withdrawn when your income exceeds £114,950. You lose £1 of personal allowance for every £2 of income in excess of £100,000
Income falling within the band of £100,000 to £114,950 is taxed at an effective tax rate of 60% - plan so that your income falls below £100,000 or above £114,950
For further information or to discuss, please contact Lesley Sutton on 01484 550037 or taxchat@revellward.co.uk.
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