In light of the recent increases in the personal income tax rate to 45% for those earning over £150,000 p/a many individuals from the effected industries have sought alternative payroll and employment structures in a bid to alleviate their tax burden. Bankers, Brokers, Entrepreneurs, Lawyers, Medical Professionals, Business Owners, Advertising Executives and many more professionals will, from April 2013, pay 45p of every £1 that they earn above £150,000 in tax. When you add in the capped national insurance contributions and compulsory pension schemes it can dramatically reduce take home income.
In response to this increase our partners have introduced a number of High Income Tax Management solutions all of which have been overseen by international taxation specialists and are approved by the HMRC. These schemes are specifically targeted at individuals who are earning more than GBP 150k per year. There are a number of options which can be tailored according to personal circumstance taking into account factors like:
- If the individual is a UK citizen or plans to return to their home country
- If the individual is married or has dependents
- If the individual is close to retirement
- If the individual is seeking to purchase property, shares, businesses or other investments.
Whether you earn a salary over £150,000, or receive a large portion of your income as a bonus, or have a higher than expected level of earnings or even own your own successful business our partners have a solution that can suit your needs. If you give us some background on your circumstances we can suggest the best solutions. You can increase your net retention above 82% pendant on your circumstances.
Each individual situation is different so we have partnered with a number of solution suppliers to provide you with the best advice and tax management solution for your situation. Contact us today with some details of your situation and we will get in touch with you for a completely confidential conversation as to the various solutions available to you through our partner companies.
Our service is completely free of charge so why not see how we can help you retain more of your earnings.