Income tax
Recent changes in the following areas have made income tax planning more important than ever:
- Introduction of 50% tax rate
- Restrictions in relief for pension contributions
- Changes to the taxation of non-domiciled taxpayers
The above changes mean that many taxpayers will now be paying far more income tax than they have done previously.
Questions to ask yourself
- Do you pay tax at 40%?
- Is your income over £100,000 per year?
- Is your income over £150,000 per year?
- Do you make contributions to a personal pension?
- Do you live in the UK but are originally from another country?
If the answer to any of the above is yes then you should review your affairs to ensure that they are structured as tax-efficiently as possible.
Please contact us if you would like to discuss your position.
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