In his presentation at the 85th anniversary celebration seminar Jacky Buchsbaum. the tax specialist at Wilds, revealed that the maximum amount of taxable income that can be earned by an individual in the UK in the current tax year without paying any tax.
AS part of his preparation for the seminar Jacky had searched the internet for this figure and had been unable to find it. He believed that the research he had done, meant that that those at seminar were the first people to discover this magic number.
Prior to revealing the figure Jacky asked those present at the seminar what they thought the amount was, answers ranged between £12,000 & £19,000. Jacky then advised the audience that the actual figure was £29,350, which drew a collective intake of breath from the stunned audience.
Jacky then noted that if a person were to receive a similar amount as a salary they would end up paying a total of £6,011 in tax and national insurance.
Jacky pointed out that it was this and other vagaries in the tax system, some of which he went on to demonstrate, which were the reason that Wild’s invested so much time studying the tax system in order to provide their clients with the best service, to ensure they would pay a fair amount of tax, rather than the excessive tax rates that took place at various points within the tax system.
In one example Jacky showed that a person who was on a package of £100,000 who received a health benefit of £2,500 would end up paying £2,438 additional tax representing a tax rate of 97 ½%. This was despite the fact that most politicians will tell you that the highest rated tax in this country was 45%