Confused about taxes? Learn the difference between tax brackets and your effective tax rate. Grab last year's return, find your total tax and taxable income. Divide them—that's your effective rate! Business owners: multiply your profit by that rate to estimate taxes owed. Plan ahead! #Taxes #TaxTips #TaxBracket #EffectiveTaxRate #BusinessTaxes #FinancialPlanning | G F Business & Financial Consulting LLC
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We hear so much about tax relief on pension contributions, but what does it actually mean and how does it work…… 🧮 Explained in plain English: Basic-rate taxpayer: You pay £80 → pension gets £100. You already got your 20% tax relief at source. ✅ No further action needed. Higher-rate taxpayer (40%): You still pay £80 → pension gets £100. You can claim an extra 20% (difference between 40% and 20%) through your tax return. ✅ So you get another £20 back. → Net cost = £60. Additional-rate taxpayer (
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