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Personal Allowance

Don’t Lose Your 2021/22 Personal Allowance

For every £2 that your adjusted net income exceeds £100,000, the £12,570 personal allowance is reduced by £1. Pension contributions and Gift Aid can help to reduce adjusted net income and save tax at an effective rate of 60%. The restriction applies between £100,000 and £125,140 adjusted net income. Consider a salary sacrifice scheme Another […]

Read more March 10th, 2022

No Changes To Income Tax Rates

The basic rate of income tax and higher rate remain at 20% and 40% respectively, and the 45% additional rate continues to apply to income over £150,000. As previously announced in the March Budget, the personal allowance and higher rate threshold have been frozen at £12,570 and £50,270 until 2025/26. As announced on 7 September, […]

Read more November 2nd, 2021

Don’t Lose Your 2020/21 Personal Allowance

For every £2 that your adjusted net income exceeds £100,000 the £12,500 personal allowance is reduced by £1. Pension contributions and Gift Aid can help to reduce adjusted net income and save tax at an effective rate of 60%. The restriction applies between £100,000 and £125,000 adjusted net income. Another way that you could avoid […]

Read more March 12th, 2021

Don’t Lose your Personal Allowance!

For every £2 that your adjusted net income exceeds £100,000 the £12,500 personal allowance is reduced by £1. Pension contributions and Gift Aid can help to reduce adjusted net income and save tax at an effective rate of 60%. The restriction applies between £100,000 and £125,000 adjusted net income. Another way that you could avoid […]

Read more March 12th, 2020

Pension Planning Before The End Of The Tax Year

For most taxpayers, the maximum pension contribution is £40,000 each tax year, although this depends on their earnings. This limit covers both contributions by the individual and their employer. Note that the unused allowance for a particular tax year may be carried forward for three years and can be added to the relief for the […]

Read more March 12th, 2020

No Capital Allowances For Equipment In A “Dwelling House”

As a general rule, there are no capital allowances available for expenditure on plant and machinery in a dwelling house. In a recent Tax Tribunal case it was decided that only equipment installed in the “common parts” of a dwelling house qualifies for tax relief. This would typically comprise a common entrance lobby, corridors, stairs […]

Read more November 11th, 2019

No Tax Changes Announced in Spring Statement

Despite the continuing uncertainty surrounding Brexit the Chancellor delivered his Spring Statement on 13 March. The purpose of this statement is to update the House of Commons and the country on the state of the economy; it is not intended to include any major tax announcements, and none were made by the Chancellor. As already […]

Read more April 8th, 2019

Further Pension Flexibility

The Government will bring in new legislation from 6 April 2016 to allow people who are already receiving income from an annuity to agree with their provider to assign their annuity income to a third party in exchange for a lump sum or an alternative retirement product. Currently, such action would give rise to a […]

Read more April 10th, 2015

Tax Bands, Allowances And Reliefs

There are traps galore within the tax bands, as the planned increase in the personal allowance to £10,000 in the lifetime of this Parliament is linked to a determination that 40% taxpayers will not gain much of an advantage overall. This is achieved by reducing the income level at which the 40% tax rate starts […]

Read more April 11th, 2012

2012/13 PAYE & National Insurance

Income Tax Allowances The basic personal allowance for 2012/13 will be increased to £8105 and the tax code for emergency use will be 810L. Income tax bands and income tax bandwidths for the 2012/13 tax year are as follows: Rate % Bandwidth Basic Rate 20% £1 to £34,370 Higher Rate 40% £34,371 to £150,000 Additional […]

Read more March 19th, 2012