So after much speculation by the media, the Chancellor of the Exchequer, George Osborne has announced in the Budget today what the increase in the UK personal allowance will be for the tax year 2013-14. Continue reading New Personal Allowance Set in Budget
Tag Archives: personal allowance
Why Am I Not Getting the Full UK Tax Allowance?
If you are a UK taxpayer then for the tax year 2011-12 the personal allowance for the year is £7,475. However, most people who are under the PAYE scheme (pay as you earn, where your tax is deducted by your employer), will be sent a tax coding notice from HM Revenue to advise you of your own specific tax allowance. Continue reading Why Am I Not Getting the Full UK Tax Allowance?
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