Tag Archives: Taxable Income

End-of-tax-year planning 2014

The approach of the tax-year end provides a reminder of the tax concessions offered by the Government to encourage saving. Most of these must be used within the tax year, so the message is “use it or lose it”. Transfers between spouses If one spouse or civil partner is a non-taxpayer or is subject to […]

Child Benefit High Income Charge

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

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 […]

50% Income Tax Rate

Individuals with income in excess of £150,000 are liable to a 50% top rate of Income Tax, and 42.5% on dividends. In addition, the basic personal allowance for Income Tax is gradually reduced to nil for individuals with adjusted net income above £100,000. Reducing Your Taxable Income Incorporation of a business can help to mitigate […]

Wealthflow Tips™: Tax Planning

Despite some high profile cases of tax avoidance, it remains a Government objective to encourage saving by providing legitimate ways of minimising tax. The end of the tax year is the ideal time to consider some of the opportunities. Inheritance tax can be reduced by transferring the assets on which the tax is charged, so […]