The personal allowance for 2018/19 is £11,850. However, some individuals do not benefit from the full personal allowance. There is a reduction in the personal allowance for those with ‘adjusted net income’ over £100,000, which is £1 for every £2 of income above £100,000. So for 2018/19 there is no personal allowance where adjusted net […]
The UK Budget set out an increase in the personal allowance, which rises from £11,500 in 2017/18 to £11,850 in 2018/19. The basic rate band is £33,500 in 2017/18 and £34,500 in 2018/19. So the threshold at which the 40% band applies increases from £45,000 to £46,350 for those who are entitled to the full […]
The tax year end is approaching and calls for a review of personal finances.
If you get child benefit and you or your partner has an income over £50,099 a year some or all of your child benefit will be taken back in extra income tax. It is called the Child Benefit High Income Charge. bThe rules are complicated and may seem illogical and unfair. The Charge The tax […]
The child benefit tax charge, introduced on 7 January, affects over one million families. A family with two children could see their annual spendable income drop by up to £1,752 p.a. in 2013/14; those with three children could lose £2,449 pa. At a time when prices are rising faster than incomes, it will be critical […]