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The Old – Effective till April 5, 2015: 10% tax is deducted at source and treated as tax credit if there is additional tax liability. Essentially, basic-rate taxpayers pay nothing extra on the dividend they receive whilst higher-rate and additional-rate taxpayers pay 32.5% and 42.5% respectively, less the tax credit. The New – Effective April … Continue reading
Let’s start with the 2015/2016 annual personal allowance (ie the maximum amount of money that can be earned this tax year without paying any tax). The limit this tax year is £10600 and it covers all types of income. It is just one allowance per year per individual. This means a maximum tax-free salary of … Continue reading
Phoenix Debola 