High Earner Tax Return

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High Earner Tax Return; The UK doesn’t have a specific “high earner tax” as such, however, there are several taxes that can affect high earners in the UK:

  1. Income Tax: This is the tax paid on your income. In the UK, the income tax system is progressive, meaning that the more you earn, the higher percentage of tax you pay.  For example in the 2021-2022 tax year there were several tax bands:
    • Basic Rate: 20% on income up to £50,270
    • Higher Rate: 40% on income between £50,271 and £150,000
    • Additional Rate: 45% on income above £150,000
  2. National Insurance Contributions (NICs): These are payments made by employees, employers, and self-employed individuals to fund state benefits. The rate and thresholds for NICs can vary depending on your employment status and level of income.High earner tax return
  3. Capital Gains Tax (CGT): This tax is applicable when you sell assets such as property or shares for a profit. High earners may be subject to higher rates of CGT on their gains.
  4. Dividend Tax: If you receive dividends from shares you own, you may have to pay tax on them. There is an annual tax-free dividend allowance, and then rates depend on your overall income tax band.
  5. Pension Tax Relief: High earners may be affected by restrictions on pension tax relief. The annual allowance for pension contributions is tapered for individuals with an income above a certain threshold.
  6. Inheritance Tax (IHT): Although not directly related to income, high earners may also be concerned about inheritance tax. This is a tax on the estate of someone who has died, including property, money, and possessions.

You can find out more about high earner child benefit changes on the HMRC website here https://www.gov.uk/child-benefit-tax-charge

Are you looking for a different kind of tax service? click here for a reminder of all the different services we offer clients.

Ready for us to calculate and file your high earner tax return? Lets Go!

Your personal details

We need a few details about you, please make sure these match with the details HMRC expect, for example if you recently got married, please let us have your maiden surname unless you have already made HMRC aware of the change.

Tax References

If you are not resident in the U.K. you may not have a NI / National Insurance number, in which case leave this field empty. Your UTR is received from HMRC once you inform them you have income from sources other than regular emplopyment. If you do not have your UTR, please leave it empty for the moment, we will assist you to receive your requiured reference.

Employment information

Have you been employed in this tax year? If you are employed, you will probably have paid tax on each wage slip, we need to take this into account, you may be due a rebate!

Self-employment information

Please tell us about your income and expenses for self-employment

Additional income

Here are some additional sources of taxable income you may need to tell us about

  • Your info.
  • Tax Ref.
  • PAYE
  • Income
  • Other

Your Details

Tax References

If you are not a resident of the United Kingdom, you may not have a valid U.K. national insurance number, in which case please leave it blank.

Your UTR should be included on any letters you receive from HMRC, sometimes called a Tax Reference. It is a 10 digit numeric reference given to you when you are first registered for self assessment taxation. If you do not have it to hand, please leave this question blank.

Employment Income

Employment P60's (you can select multiple files if needed)

Max. size: 192.0 MB

If you do not have your employment P60(s) to upload, you can upload wage slips, or complete the details below.

Self employed income

Self employed expenses - We do not require receipts for your purchases/expenses, however you should always keep them on hand for at least 6 years. Some of these expense questions may not apply to your business, please leave them blank, however if there is something you need to include that just does not fit elesewhere, please include in the final entry

Additional sources of income and expenditure

If you have forms of income which you feel you may need to declare to HMRC, please do let us have the details below. If you are not required to pay tax on the income, we will not include it on your tax return submission.

Miscellaneous Information

Rebates are always affected by your earnings, expenses and other personal circumstances. When you send us information, it's important it is correct, we can make changes to your tax calculation however we may charge an additional admin fee. We are happy to complete capital gain calculations for you, however they are not included in the standard self-assessment return service. We include two sections of the self-assessment return within the standard price, additional sections where required attract an additional fee of £25 + VAT per section. Our self-assessment charges become payable when we create your tax return calculation, submission to HMRC is included without additional charge. We are of course unable to guarantee a tax refund if your expenses and earnings declared do not allow for a rebate.