@mitchthetaxman: 🚨 Nearly TWO MILLION more people have been dragged into the 40% tax band… and most don’t even realise it. HMRC has just released new official statistics showing there are now 7.7 million higher-rate taxpayers in the UK. This isn’t because everyone suddenly became wealthy. It’s because tax thresholds have remained largely frozen while salaries have increased. This is known as fiscal drag. 💷 The result? More ordinary employees, professionals and business owners are paying 40% tax without changing jobs or receiving huge pay rises. And the impact doesn’t stop there… ❌ You could lose some or all of your Child Benefit. ❌ Your Personal Savings Allowance could be reduced. ❌ You may be paying more tax than necessary if you’re a company director. ❌ You could be missing valuable planning opportunities before the tax year ends. The good news is that there are often perfectly legitimate ways to reduce your tax bill, including: ✔️ Pension contributions ✔️ Salary sacrifice ✔️ Tax-efficient profit extraction ✔️ Making full use of your spouse’s allowances The biggest mistake I see? People only start thinking about tax after they’ve already paid it. Watch today’s video to understand what’s happening and what you can do about it. 👇 Have you recently found yourself paying 40% tax? Let me know in the comments. Source: HMRC Income Tax Liabilities Statistics (published 15 July 2026). #Tax #UKTax #HMRC #IncomeTax #HigherRateTax

Mitch The Tax Man

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Thursday 16 July 2026 09:53:08 GMT