Young & Co. Chartered Accountants and Registered Auditors
Bewell House, Bewell Street, Hereford, HR4 0BA
As the proverb says, only two things in life are certain: death and taxes!
Whilst we can never guarantee a reduction in your tax bill, you can be assured that
we will do everything we possibly can, on your behalf, to ensure you only pay the
absolute minimum.
We all pay tax, whether we are “employed”, “self-employed” or in a “partnership”.
However, the Government has a table of “allowances” that can be deducted from our
income before we pay tax. These are allowances are*:
Personal Allowance - Available to everybody
Income limit for Personal Allowance 1
Age Allowance - 65 to 75 year olds
Age Allowance - 75 and over
Married couples allowance - either spouse 65 to 75 years old at 5 April 2000
Married couples allowance - either spouse over 75 years old at 5 April 2000
Taxable income (total income less any relevant allowances) between £0 - £37,400
Taxable income between £37,401 - £150,000
Additional rate over £150,000
A single or married person, under the age of 65 can earn up to £40,835 before becoming
a higher rate tax payer.
More information is available from the Revenue web site
*All figures quoted are based on the 2010/11 tax year
1 - From the 2010/11 tax year the Personal Allowance reduces where the income is
above £100,000 - by £1 for every £2 of income above the £100,000 limit. This reduction
applies irrespective of age.
