Wednesday, 6 April 2016

Happy New Financial Year!

It may not have the fun or involve as much alcoholic content as the one in January but today is the start of the new year, the new tax year that is.
Of course if you have not got a father as diligent as the Prime Minister's to squirrell funds to an offshore account to keep them out of hands of the taxman then your tax will be taken out of your wages when you get paid but only if you earn above £916 per month if your tax code is 1100L (11,000 personal allowances divided by 12 months).  
It has been estimated that as many as 20% of the tax codes issued by HM Revenue & Customs are incorrect so you may want to check your tax code on that next payslip and if it isn't 1100L telephone one of the the 3 people left working at HMRC and after a 4 hour wait listening to classical music, inquire why your code isn't the same as everyone else. 
That pretty much sums up all i know about taxes so remember tax doesn't have to be taxing as the HMRC advert goes and happy new financial year and it certainly will be if you are on the books of Panamanian law firm Mossack Fonseca.

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