Your adjusted net income is your total taxable income, including factors such as salary, rental income, freelance earnings and more. Your Personal Allowance is included in this figure, however tax reliefs such as charitable donations and pension contributions are not included. When your adjusted net income surpasses a particular threshold, you may be required to complete a tax return and/or make tax payments. For bespoke advice about how your adjusted net income may affect your tax payments or benefits such as Child Benefit Allowance, contact our experts today.
Potentially. If your total goes over £50,270, you will need to pay some of your Child Benefit back. If it surpasses £60,000, you need to repay it all! For more information, read about the High Income Child Benefit Charge here.
You can earn a personal allowance of £12,570 which is tax-exempt. For more information, read our glossary entry for Personal Allowance now!