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TonyTax
TonyTax, Tax Consultant
Category: Tax
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I am an employee on PAYE. I earn approx 120K. Every year after

Customer Question

I am an employee on PAYE. I earn approx 120K. Every year after I do my self assessment I have tax bill ( 45k in totAL last year ) Has i am on PAYE is there anything an accountant could do for me?
Submitted: 10 months ago.
Category: Tax
Expert:  TonyTax replied 10 months ago.
Hi. You don't need an accountant. You lose £1 of your personal allowance for every £2 of income you have over £100,000 so if you have a full personal allowance in your tax code and you earned £120,000 or more in 2014/15, you would have lost all the £10,000 personal allowance. Take a look here for information on "adjusted net income ". The only way you can keep some or all of your personal allowance is to pay pension contributions or make gift aid payments. If you think you will earn over £122,000 in 2016/17, you could choose to tell HMRC to take your personal allowance out of your tax code for that tax year. They may do that in any event. If at the end of the tax year, your adjusted net income is between £100,000 and £122,000, you will get some or all of your personal allowance back. I hope this helps but let me know if you have any further questions.
Expert:  TonyTax replied 10 months ago.
Hi.
I'm just following up to find out if my answer helped or if you have any further questions.

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