Income

Changes from April 2016

Here are some changes which may affect your planning from April 2016; Pensions- As from April 2016 there will be a reduction in the £40,000 annual pension allowance where income, including pension contributions, exceeds £150,000. The annual allowance will reduce…

Year-end Tax Guide 2016/17

Personal allowances and reliefs Generally the personal allowance is £11,000. Non-savings income above the personal allowance is taxed at rates from 20% to 45%. A higher marginal tax rate may be payable between £100,000 and £122,000 when the personal allowance…

Property income and tax

Tax, reliefs and allowances on different types of property income. There are many ways to earn an income from property such as residential properties, furnished holiday lettings, commercial properties and renting out a room in your house. The exact tax…