People are being warned they could end up paying more tax in 2023 once the new financial year begins on April 6. Sarah Coles, senior personal finance analyst at Hargreaves Lansdown said frozen thresholds and cuts to tax breaks are among the pressures people should be aware of this year.
She continued: “Salaries rising automatically increases the amount of tax we pay, but the frozen thresholds also mean that the more wages rise, the more people will cross the frozen thresholds to pay a higher rate of tax. She continued: "Those on higher wages tend to have more wiggle room in their budgets, but rising prices have created headaches for top earners.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Insurer Beazley cuts CEO and finance chief pay after results error\n\t\t\tKeep abreast of significant corporate, financial and political developments around the world.\n\t\t\tStay informed and spot emerging risks and opportunities with independent global reporting, expert\n\t\t\tcommentary and analysis you can trust.\n\t\t blogger reports an error
Source: FT - 🏆 113. / 51 Read more »
Time to deal with the ‘nastiest, hardest problem in finance’\n\t\t\tLet our global subject matter experts broaden your perspective with timely insights and opinions you\n\t\t\tcan’t find anywhere else.\n\t\t Unfortunately, financial literacy is weak in the general population. Therefore, people may have no options because they do not possess the tools.
Source: FT - 🏆 113. / 51 Read more »