Those earning above the threshold of £50,270 in the UK for 2024 come under the 40% tax band. Even so, the amount subject to a 40% tax bracket based on your allowances and deductions. It only affects income that goes above the threshold, not the total you make. Besides, this class may incorporate mid- and upper-level professionals as well as owners of businesses. When you know where you stand in taxation, you can plan better for pensions, salary sacrifice and making charitable contributions to save on tax.
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