High Tax Awaits High Earners
Nearly a million people face soaring rates of tax as the government’s deficit reduction plan continues this spring.
James Brownie of the IFS warns that the number of high earners could continue to grow as a result of the Conservative’s concession to the Liberal Democrats to increase the tax free allowance to £10,000.
Findings from the Institute for Fiscal Studies that tax changes in April will pull around 750,000 people in the 40 percent tax bracket, whilst tax credit cuts will push the marginal rates of 175,000 working parents above 70 percent. This means that in theory the effective tax rates for middle to high earners could reach 83 percent.
A treasury spokesman said: “Tax credits will be targeted at those who need them most. At the same time, personal tax changes will remove nearly a million of the lowest earners out of tax altogether and around 23 million basic rate taxpayers will gain by £170 per annum.”
The IFS have stated that the overall effect of the austerity measures will cause an overall reduction in disposable income of around £200.
His appearance on a Channel 4 television programme about the inside workings of Revenue and Customs was watched by 4.1m which sealed his status as one of the most highly respected tax consultants to ever work in Scotland.
Ricky led all tax investigation and COP 9 cases, using his extensive knowledge to help people reach a positive resolution to their situation.
Ricky passed away suddenly and unexpectedly in June 2022 after leaving his indelible mark on the company he founded and headed for over 35 years.
- HMRC Investigate Fraudulent Job Retention Scheme Claims - June 17, 2020
- Worldwide Disclosure – HMRC and Living Overseas - May 21, 2019
- UK Tax Loan Scheme for Pilots Still Up in the Air - March 20, 2019
Ricky worked as an Investigator in the Inland Revenue for over 20 years before founding Steedman & Company in 1987, giving him the experience and knowledge that enabled him to help so many clients over the years.
His appearance on a Channel 4 television programme about the inside workings of Revenue and Customs was watched by 4.1m which sealed his status as one of the most highly respected tax consultants to ever work in Scotland.
Ricky led all tax investigation and COP 9 cases, using his extensive knowledge to help people reach a positive resolution to their situation.
Ricky passed away suddenly and unexpectedly in June 2022 after leaving his indelible mark on the company he founded and headed for over 35 years.
