The hugely successful singer Adele has been left completely shocked as she discovered what her tax bill would be. After the success of her first album ‘19’, Adele is left with a massive tax bill, which was unexpected by the star. Although the singer is enjoying her fame and fortune, she has discovered to her cost that a price has to be paid to HM Revenue & Customs.
For any high earners, the latest tax changes will mean an increase in tax paid. Taxpayers will start to pay tax at the higher rate of 40 percent when they earn more than £35,000. Your personal allowance, which is £7475 for 2011-12, will be reduced by £1 for every £2 you earn over £100,000 until you have no personal allowance at all. In addition, earning over £150,000 will attract a 50 percent tax rate.
The tax bill for Adele in the coming year will probably be higher than her last tax bill as her second album ‘21’ has spent 15 weeks at the number one position in the music charts. During an interview with Q magazine, the outspoken singer asked why she was contributing so much in taxes when the public services in the country didn’t seem to improve, quoting the punctuality of trains and state schools as examples.
All high earners can benefit from the expertise of a low cost accountants, to ensure that income is maximised. A small business accountancy will make sure that you have claimed all legitimate expenses, legitimately.
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