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It’s now more important than ever 2024/25 tax year

2024/25 tax year, it’s now more important than ever to take a proactive approach to managing your personal finances. Whether you’re navigating the complexities of income tax, considering investment opportunities or planning for your future, understanding the nuances of the UK tax system can help you make informed decisions. This guide is crafted with you in mind, offering clarity and actionable advice to help you optimise your tax position and secure your financial wellbeing.

EMBRACING

THE BASICS: UNDERSTANDING YOUR TAX OBLIGATIONS
The foundation of effective tax planning is a solid understanding of your tax obligations. The UK tax system may
seem daunting at first glance, but once you grasp the basics, you’ll be better positioned to identify saving opportunities.

INCOME TAX: KNOW YOUR RATES AND ALLOWANCES
Income tax is charged on various forms of income, including wages, pensions
and savings interest, but everyone is entitled to a personal allowance — the amount you can earn before you start paying income tax. Be aware, however, that those earning above £100,000 have a reduced personal allowance.


For the 2024/25 tax year, this allowance remains at £12,570. Beyond this, tax bands are applied progressively, meaning the more you earn, the higher the rate
of tax you will pay on your income over the allowance.
• Basic rate (20%) applies to income over £12,570 up to £50,270.
• Higher rate (40%) is charged on income between £50,271 and £125,140.
• Additional rate (45%) affects income above £125,140.
Understanding which tax bracket you fall into is the first step in identifying how to manage your tax liabilities effectively.

FOR FULL DEATILS PLEASE CLICK ON

For full details please get in toch with ADPL

[email protected]
+44 (0) 208 886 9222
accountingdirectplus.com

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