Worried about the complicated tax implications that come with earning £150k+? We’re here to help.
Here are some common questions we’ve gotten from high-earners like you.
If you earned more than £100k from your job in the 2022/23 tax year or HMRC has contacted you to let you know you need to file, then yes, you’ll need to file a tax return. From the 2023/24 tax year, the threshold rises to £150k.
As you approach a 6-figure salary, you should learn how Income Tax affects you and what happens to your Personal Allowance (spoiler alert: you start losing it).
Tax efficiency is when you lawfully pay the least in tax that you need to. Some ways to be tax-efficient include saving more in your pension, asking for non-cash bonuses, or investing in start-ups. Find more tax-efficient investments here.
You lose £1 of your Personal Allowance every £2 over £100k you earn. Sadly, this means you’ll be paying 60% tax but don’t panic. You can avoid losing your earnings by being more tax-efficient.
HMRC have announced a change for PAYE high earners. If you earn less than £150k from your PAYE salary, you will not have to file a tax return in the 2023/24 tax year. Remember, if you have other forms of income or capital gains, you may still need to file.
The rule previously was that anyone earning a PAYE income over £100,000 had to file a tax return. Yep… even if tax is taken out of your pay before you receive it.
Now, for the 2023/2024 tax year, this is no longer the case. HMRC increased the threshold to people earning over £150,000. So, those of you who earned £150,000 or more in the 23/24 tax year, you’ll still need to file a Self Assessment tax return in January 2025.
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There’s a lot to know about earning a higher salary. Get help understanding the allowances available to you, your tax return filed hassle-free, and support making sense of your tax situation.
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