© Ithica Publishing Services
It’s a shock for many people that the true extent of the tax they pay is often far higher than they believe.
However this will become clearer shortly as the Chancellor has ordered Treasury officials to come up with plans to combine both income tax and national insurance.
We have already stated (in a previous blog-dated 12th July 2011) why we think the Chancellor is keen to do this.
If this such plans were in operation now then basic tax payers would find that they are paying tax at around 32% and people on pay of £35,000 to £100,000 as much as – 49%.
Unfortunately, higher taxes will be around for a long time to come.
It is therefore essential to plan to minimise tax as far as you possibly can by taking advantage of tax mitigation strategies before they disappear.