The recent budget is set to effect people in a number of ways. The Guardian reports there are around 1 million people who face an effective 60% tax rate on their income.
The kinks in the tax system mean that if you are a mum or dad earning a good income of about £50,000 and then get a pay rise, you won’t see much of it come through in your pay packet. And if you are on a very sizeable income, such as £100,000, every pay rise you get until you earn more than £125,000 will be taxed at 60%. So what are these kinks in the tax system, and what, if anything, can you do about it?
This is one example where having a good dedicated accountant can help. At Ivybridge Accountants we keep up to date with the latest accountancy news and can help our clients not only ensure the correct tax is paid, but be aware of the impact changes can make to their personal finance in advance.
Office Telephone: 01752 895648
Office Address: 15 Erme Court, Leonards Road, Ivybridge, PL21 0SZ