If your income is heading towards £100,000, the extra money may be worth far less than you think. We look at the three tax traps that kick in once your income reaches this threshold.
Supporting you on your journey
Family Tax Review: £840 per household
If you earn between £60,000 and £125,140, four separate rules can dramatically reduce what you keep from a pay rise, bonus or promotion. In some cases, it can leave your family worse off. Our one-off Family Tax Review is designed to help you plan around these “tax traps”.
These rules are generally based on your ‘adjusted net income’. This can include income from several sources, such as bonuses, dividends and savings interest. It can also be reduced by things like pension contributions and Gift Aid.
In England, once you earn over £100,000, you lose your entitlement to the working-parent funded childcare hours, which can be up to 30 hours of childcare a week, worth up to £7,500 per year, per child (depending on your child’s age and how many hours you use). You also won’t qualify to receive Tax-Free Childcare, worth up to £2,000 per child, per year, towards childcare costs. Neither of these tapers. If either partner’s adjusted net income is over £100,000 for the tax year, the household will not qualify.
Our Family Tax Review is designed for people whose income is approaching, or has gone over, one of the tax thresholds that can have a disproportionate effect on household finances.
It could be particularly useful if:
The best time to have this review is the moment you know something’s changing: a bonus confirmed, a pay rise agreed, a new contract landing. The sooner you act, the more options you may have. It’s also helpful to review your position around six months before the end of the tax year, giving you time to make any changes before 5 April.
Financial decisions don’t have to be daunting. Whatever challenges you’re facing, the right advice can make all the difference.
Book your initial, no-obligation consultation with our Tax Advisory team.
If your income is heading towards £100,000, the extra money may be worth far less than you think. We look at the three tax traps that kick in once your income reaches this threshold.
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