PTP Personal allowance being given for clients with an income over £100,000
- Article ID
- kba-03018
- Article Name
- PTP Personal allowance being given for clients with an income over £100,000
- Created Date
- 10th January 2012
- Product
- Problem
-
When calculating personal allowances, the client is getting the full personal allowance even though the income exceeds £100,000.
- Resolution
-
PTP will calculate the personal allowance from the Adjusted Net Income, as per the HMRC guidance. Adjusted net income is total income adjusted to take account of certain deductible allowances and reliefs such as trading losses, donations made to charities through Gift Aid and some pension contributions.
So the income that is over £100,000 will be reduced because of some pension contributions, gift aid and charity donations.
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