Monday, 8 March 2021

Don't Lose Your 2020/21 Personal Allowance

For every £2 that your adjusted net income exceeds £100,000 the £12,500 personal allowance is reduced by £1. Pension contributions and Gift Aid can help to reduce adjusted net income and save tax at an effective rate of 60%.

The restriction applies between £100,000 and £125,000 adjusted net income. Another way that you could avoid this trap would be to agree with your employer to sacrifice some of your salary in exchange for a tax-free benefit in kind such as an additional pension contribution.


2 comments:

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  2. thanks for this information. I am sure that this will help me not to lose my savings. And I can buy essay papers https://wr1ter.com/buy-essay from Wr1ter specialists in order to submit my work on time

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