HMRC have just released the new personal allowance amounts for 2010/2011. The tax bands for year ending April 2011 remain the same as the 2009/2010 bands, with the exception of a new band for an income higher than £150,000, which will attract a rate of 50%.
What does “Personal Allowance” Mean?
How much income tax you pay every year is calculated by various rates set by the government. These rates are set in bands according to how much you earn per year. Quite simply, personal allowance means the amount you are permitted to earn without paying income tax.
The table below gives details of personal tax allowances for all in-date tax years. These allowances are deducted from your total taxable income before the amount of tax payable is calculated.
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If you suspect you’re due a tax refund, let 1st Contact investigate the matter on your behalf. We have a “no refund, no pay” policy, so you have nothing to lose!