Personal Tax Allowance

WHAT IS PERSONAL TAX ALLOWANCE?

The amount of income for which you do not have to pay tax is the personal allowance. This is a privilege to the UK taxpayers for personal tax on their taxable income.

If you are looking to make tax savings indeed, we are here to assist you providing the professional advice.

HOW MUCH IS THE STANDARD PERSONAL ALLOWANCE TAX FOR 2021/22?

For 2021/2022 the standard personal tax allowance amount is £12,570 on the other hand the amount of income remaining after excluding tax allowance amount is subject to tax.

The tax after personal allowance to be paid depends upon the earning made during a tax year. Further details are mentioned in the easiest way below.

PERSONAL ALLOWANCE & TAX THRESHOLDS

For Individuals:

Personal Allowances 2021/22

Individuals (all): £12,570                                  
Marriage allowance*: £1,260
Minimum married couples allowance*: £3,530
Maximum married couples allowance*: £9,125
Income limit for married couples allowances: £30,400 (allowances are abated if income limit exceeded)
Blind person’s allowance: £2,520
Dividend allowance: £2,000
Property Allowance: £1,000
Trading Allowance: £1,000
Personal savings allowance (basic rate taxpayers): £1,000
Personal savings allowance (higher rate taxpayers): £500
Income limit for standard personal allowances: £100,000 (allowance completely lost once taxable income exceeds £125,140)

The Chancellor announced that the personal allowance will be frozen at £12,570 for the tax years 2022/23 to 2025/26.

** Tax relief given at 10% where one partner was born before 6/4/1935

HOW DO I GET MY PERSONAL ALLOWANCE?

Filing self-assessment tax return, is what helps you to receive your personal allowance. It is very easy and simple. You will also get personal allowance through monthly pay slips under employer PAYE system.

If you require any assistant, we can assist you to file tax returns, calculate any tax liability and advice you on personal tax and other possible tax planning opportunities available to you.

WANT AN EASIER WAY TO FILE?

We will take all the worry regarding the self-assessment tax returns and allows to you concentrate on your business. Please connect to us and provide us the required details and we will take care of your personal allowance. And provide the service from filing a tax return to help you reduce tax liability.

Read more:

Tax Helpline

Tax rates and budget helpline

To get any assistant related to personal tax allowance , Please phone 0203 802 7810 Krishna Dahal, or email krishna@focusaccountants.co.uk.