Is your income over £100,000?

Category: Income Tax

Is your income over £100,000?

Is your income over £100,000?

If you earn over £100,000 in any tax year your personal allowance is gradually reduced by £1 for every £2 of adjusted net income over £100,000 irrespective of age. This means that any taxable receipt

Interest on children’s savings

Interest on children’s savings

All children in the UK have their own personal allowance, currently £12,570. There are special rules if a parent gifts significant amounts of money to their children which results in them receiving

Filing your tax return early

Filing your tax return early

The 2023-24 tax year ended on 5 April 2024 and the new 2024-25 tax year started on 6 April 2024. Most taxpayers will be happy to leave dealing with their 2023-24 tax returns until later this year or

Carry back charitable donations

Carry back charitable donations

If you are a higher rate or additional rate taxpayer you have the option to carry back your charitable donations to the previous tax year. A request to carry back the donation must be made before or

Tax-free child care

Tax-free child care

HMRC is reminding parents that they may be eligible for Tax-Free Childcare (TFC) to help pay for Easter school holidays childcare costs. The TFC scheme can help parents of children aged up to 11

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