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She calls it the “60 per cent tax trap”, a name given to the removal of the personal tax allowance for those earning just above £100,000 and below £125,000.
In the UK tax system, personal allowance is the threshold above which income tax is levied on an individual's income. A person who receives less than their own personal allowance in taxable income (such as earnings and some benefits) in a given tax year does not pay income tax; otherwise, tax must be paid according to how much is earned above this level.
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Police said the Tates failed to pay a penny in tax on £21 million of revenue from their online businesses including War Room, Hustlers’ University, Cobra Tate and OnlyFans between 2014 and 2022.
Tax returns must be completed by 31 January following the end of the relevant tax year for those who complete the tax return online and by 31 October following the end of the tax year for those who file by a paper return. Once registered, tax payers can submit their tax return online directly via the HMRC website, or from online platforms.
Each person has an income tax personal allowance, and income up to this amount in each tax year is free of tax. Until the 2027/28 tax year, the tax-free allowance for individuals with income less than £100,000 is £12,570. [38] Any income above the personal allowance is taxed using a number of bands:
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related to: £100k tax trap log in online services freeturbotax.intuit.com has been visited by 100K+ users in the past month