Self Assessment income over £100,000

Self Assessment income over £100,000

Self Assessment income over £100,000

Self-Assessment Tax Return - Mandatory

Did you know if your only earning in the year was PAYE Income but this is exceeded £100,000 then a Tax Return is required

There are a few reasons behind this as HMRC

* May find it difficult to determine the tax code

* Allowable expenses eg. Subscription may not have been offset against the income

* As soon as you earn over £100,000, the personal allowance entitlement which is £12,570 starts to reduce by £1 for every £2 over

* Additional higher rate of 45% applies if income exceeds £125,140

Please note that there are instances to pay more taxes at the Basic Rate when completing the return by either

* Gift Aid Donations

* Private Pension Contributions

*Capital Venture investments

Please ring for a free initial consultation to discuss further

Tel: 01212852534

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