1st December 2009
WEALTH at work call for urgent measures to guide employees through significant tax changes.
The 2009 Budget introduced some significant tax changes for those employees with higher incomes which may have implications for many employees. These include:
Paul Bloomfield, Tax Specialist, WEALTH at work comments, “It is not just those employees with a salary of £150,000 or more who may be impacted by the changes. Many employees with a base pay between £70,000 and £100,000 will exceed the £150,000 ‘relevant income’ threshold once cash bonus, unapproved share awards and other taxable benefits have been added – not to mention income received outside of their employment. It is this group who are most likely to be faced with an unexpected tax bill”
Jonathan Watts-Lay, Director, WEALTH at work also comments, “We are currently implementing a number of projects for some of the UK’s largest employers to help ensure those employees affected by these changes understand the implications”.
He added, “Many employers want to ensure their employees will not be penalised by the anti-forestalling rules in force now. With guidance, employees could mitigate the increased tax charge but they need to know how to calculate their relevant income and therefore specialist technical support is needed in the workplace to ensure employees don’t get caught out before the tax year end”.
Links to websites external to those of Wealth at Work Limited (also referred to here as 'we', 'us', 'our' 'ours') will usually contain some content that is not written by us and over which we have no authority and which we do not endorse. Any hyperlinks or references to third party websites are provided for your convenience only. Therefore please be aware that we do not accept responsibility for the content of any third party site(s) except content that is specifically attributed to us or our employees and where we are the authors of such content. Further, we accept no responsibility for any malicious codes (or their consequences) of external sites. Nor do we endorse any organisation or publication to which we link and make no representations about them.