Did you know that higher rate taxpayers shoulder the burden of two thirds of Britain’s entire income tax bill even though they represent just 16 per cent of the population? This group, earning £42,000 and above pay 67% of the income tax, despite being outnumbered by lower paid workers 5:1
As this group have money, they are being targeted by the government with the new Dividend tax, stamp duty increases on second properties, removal of child benefit etc.
This is known as Fiscal Drag, and it’s no fun if you happen to fall into this group.
I would like to meet as many of these people as possible as there are legitimate loopholes to be applied to their circumstances that can make this Fiscal Drag much less of a drag.
So if feel you’re paying too much tax, please get in touch. What have you got to lose, an hour of your life or a big tax bill?