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.Â Here are a few key points to bear in mind:
The 50% rate of income tax still applies if your taxable income exceeds Â£150,000 â€“ keep below this amount if possible
Your personal tax allowance of Â£7,475 is withdrawn when your income exceeds Â£114,950.Â You lose Â£1 of personal allowance for every Â£2 of income in excess of Â£100,000
Income falling within the band of Â£100,000 to Â£114,950 is taxed at an effective tax rate of 60% - plan so that your income falls below Â£100,000 or above Â£114,950
For further information or to discuss, please contact Lesley Sutton on 01484 550037 or email@example.com.