New 50% tax band and tax free personal allowances lost?
Mon, 15 Feb 2010 16:05:00
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The new 50% income tax band comes into effect for the 2010/11 tax year and will apply to those earning more than £150,000 a year. Additionally, from 5 April 2010 those earning over £100,000 p.a. will see their personal allowance decrease. The personal allowance is currently £6,475. If you are affected by these changes you may wish to consider making changes that will reduce your income tax bill. For example those with earnings over £150,000 might accelerate some income into 2009/10 tax year or delay expenditure to 2010/11. Nottingham Accountants Marshall Smalley has a number of other strategies that may be appropriate depending on individual facts and circumstances, contact us without obligation for a preliminary discussion of your requirements  |
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