Income Tax rates and Personal Allowances
Income over 拢100,000
Your Personal Allowance goes down by 拢1 for every 拢2 that your adjusted net income is above 拢100,000. This means your allowance is zero if your income is 拢125,140 or above.
You鈥檒l also need to do a Self Assessment tax return if your adjusted net income is above 拢150,000.
If you do not usually send a tax return, you need to register by 5 October following the tax year you had the income.
Register for Self Assessment
You鈥檒l get a letter telling you what to do next after you鈥檝e registered.