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May
04th

TOP-RATE TAXPAYERS By: Clare

HM Revenue & Customs have confirmed that the total number of top-rate taxpayers has increased to 4.1m, up from 3.8m last year. More than 300,000 people are now paying the 50% additional rate. Furthermore, it is anticipated that by 2014 five million workers will pay higher rate tax
The total number of people liable to pay tax is expected to drop from 30.1m to 29.7m as the lowest-paid are removed from the tax system as a result of an increase to their personal allowance.
There have been calls for a 25% or 30% tax band to restore incentives and fairness for the ‘squeezed middle’ if the tax system is to be fair across the whole income spectrum.
For further help and advice please contact Haxton Chartered Accountants.

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