How has this year’s tax year affected you?
Higher-rate taxpayers earning £50,000 a year will see a £236 tax cut in this tax year. The tax-free personal allowance increased to £11,850, up from last years figure of £11,500, and the higher-rate tax threshold for people paying the higher rate of Income Tax, which currently stands at 40%, rose from £45,001 to £46,350.
Time to talk to Gale and Phillipson?
The importance of taking financial advice when it comes to tax planning it becoming more essential and can never be overestimated – and the sooner you start planning, the better for you.
Please read our factsheet for more on tax changes for high earners.