Dealing with tax matters after the death of a relative can be tricky as well as upsetting. One thing you may be wondering about is if they still have a full personal allowance in the tax year of their death so that you are able to deal with their taxes and income for that year. Continue reading Personal Allowance in the Year of Death
Category Archives: Tax Allowances
Do Over 75s Get An Extra Tax Allowance?
There are a few categories of taxpayer that get extra allowances and currently over 65s and over 75s are two of those. However, this may not last long! Continue reading Do Over 75s Get An Extra Tax Allowance?
60% Tax For Earnings Over £100k
It is very easy to analyse figures when there are different factors involved and to come up with an equivalent tax figure. This equivalent figure is basically classed as the amount of earnings you will lose in tax as your earnings increase over various levels. Not only do you take into account the actual tax you are paying but also any difference in tax paid at a lower rate. Continue reading 60% Tax For Earnings Over £100k
Income Tax Rates 2012
So with every new tax year comes changes in the UK personal income tax rates. Since the change in Government there have been quite a few changes in not only personal allowances but also income tax. Continue reading Income Tax Rates 2012
Debate on £10,000 Personal Allowance
Since the Liberal Democrats announced that they were planning on increasing the personal allowance to £10,000 for all UK taxpayers (excluding high earners), there have been a lot of media reports on how this increase will actually not help low earners but instead will help the higher earners to pay less tax. Continue reading Debate on £10,000 Personal Allowance
Over 65 Allowance Reduces With Income
If you are over 65 and expecting to receive the higher rate of personal allowance due to your age, then you need to be aware that the increased personal allowance for those aged 65 and over (and indeed the even higher personal allowance for those aged 75 and over) can be reduced to the level of the basic personal allowance if your income is higher than a certain level. For the tax year 2011-12 this amount is £24,000 and for the year 2012-13 the amount is £25,400. Continue reading Over 65 Allowance Reduces With Income
What Is The Personal Allowance for 2012-13?
The personal allowance, i.e the amount of tax free income that you can earn, for the tax year 2012-13 is £8,105 for a person under the age of 65. This is subject to your earnings not exceeding £100,000 and has been increased from the previous year when the rate was £7,475. The aim is the have a personal allowance of £10,000 for everyone and this is being introduced gradually. Continue reading What Is The Personal Allowance for 2012-13?
UK Tax Allowances 2011-12
The UK tax allowances for 2011-12 were, to a certain extent, significantly increased from the previous tax year. The government had set a target of increasing the personal tax free allowance for individuals to be £10,000 but this would be introduced gradually over a number of years. The standard personal allowance was increased by a full £1000 from the previous tax year. Continue reading UK Tax Allowances 2011-12
Personal Allowance for High Earners
Before 6 April 201, everyone was entitled to the personal allowance so that they could earn the first tranche of their pay tax free. However for the tax year 2010-11, a cap was introduced for the tax free personal allowance that meant that people earning over £100,000 a year would either receive a reduced personal allowance or no personal allowance at all. Continue reading Personal Allowance for High Earners
UK Personal Allowance 2010
Each person is entitled to a personal allowance in each tax year to offset against their earnings. The personal allowance is an amount of money that they can earn before having to pay any tax.
The personal allowance varies from year to year and the increases are usually in line with the increase in the retail prices index. Continue reading UK Personal Allowance 2010