March 30, 2023
Finance expert warns some working people could pay more tax from next month
Workers getting a pay rise may end up paying more tax over 2023/24. (Image: Getty) Group 28 Get the latest money news from the Daily Record with our weekly newsletter Invalid email Something went wrong, please try again later. Sign Up No thanks, close We use your sign-up to provide content in the ways you've consented to and improve our understanding of you. This means that we may include adverts from us and third parties based on our knowledge of you. We also may change the frequency you receive our emails from us in order to keep you up to date and give you the best relevant information possible. As always you can unsubscribe at any time. More info Group 28 Thank you for subscribing! We have more newsletters Show Me No thanks, close See our Privacy Notice People are being warned they could end up paying more tax in 2023 once the new financial year begins on April 6. Sarah Coles, senior personal finance analyst at Hargreaves Lansdown , said frozen thresholds and cuts to tax breaks are among the pressures people should be aware of this year. The personal finance analyst explained for most people, the “lion's share” of the rise will come from the freeze in income tax thresholds which could see some people paying more tax on their salary. Ms Coles said: "The personal allowance - how much you can earn before paying tax - has been frozen at £12,570, and the higher rate threshold - the point at which you start paying 40 per cent - has stuck at £50,270 since April 2021. As incomes rise, employers are under pressure to raise salaries, so their staff can afford to live.” Read More Related Articles People with savings urged to make most of tax allowances before changes next week Read More Related Articles Martin Lewis urges 2.1m couples to claim tax perk worth more than £1,200 before deadline next month She continued: “Salaries rising automatically increases the amount of tax we pay, but the frozen thresholds also mean that the more wages rise, the more people will cross the frozen thresholds to pay a higher rate of tax. The additional rate threshold hasn't moved from £150,000 since it was introduced in 2010, which already meant more people moving into the tax bracket through wage inflation. "However, from April it will fall to £125,140. It means anyone earning between the old threshold and the new one will lose an average of £621 a year." She continued: "Those on higher wages tend to have more wiggle room in their budgets, but rising prices have created headaches for top earners. Those with big mortgages will feel particular pain from higher mortgage rates too, so this additional tax blow is an unwelcome extra burden." Ms Coles said that people could also end up paying more tax on profits and dividends. She warned: "Business owners who pay themselves with dividends out of profits will take a hit at a time where they're facing threats to their businesses from all angles - from runaway energy bills to rising prices and wage bills." Top Money Stories Today Pensioners urged to claim £3,500 top-up Scots can claim £50 heating bill help £600 energy help claims close on Friday New Attendance Allowance claims trial But it’s not all doom and gloom. Ms Coles also highlighted several ways in which people may be able to make their finances more tax-efficient, such as by making the most of tax-free Isa savings accounts, paying into pensions and making the most of the marriage allowance. Explaining how the marriage allowance works, Ms Coles said: "If one spouse is a non-tax payer, and the other is a basic rate taxpayer, the marriage allowance lets the non-taxpayer give £1,260 of their personal allowance to their spouse in the current tax year." Workers can also explore salary sacrifice options. Ms Coles said: "In some cases, the UK Government will let you give up a portion of your salary, and spend it on certain things free of tax. This includes pensions, childcare vouchers, bike-to-work schemes, and technology schemes. This won't boost your take-home pay, but will cut your tax bill." To keep up to date with the latest cost of living news, join our Money Saving Scotland Facebook page here , follow us on Twitter @Record_Money , or subscribe to our newsletter which goes out Monday to Friday - sign up here . READ NEXT Young people in work could be £30,000 better off in retirement New call for WASPI compensation plan for Women ‘robbed’ of State Pension payments Top tips for first-time buyers looking to step onto the property ladder this year New State Pension could be worth up to £862 each month next year under Triple Lock Living Wage Foundation launches new pensions standard to help people boost retirement income Story Saved You can find this story in My Bookmarks. Or by navigating to the user icon in the top right. Follow Daily Record Facebook Twitter Comment More On Personal finance Retirement Taxes Tax Careers
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SkyPixel 9th Annual Photo & Video Contest Winners Announced
Mar 19, 2024
Competition Receives a Record Number of Submissions that Highlight the Power of Innovation SHENZHEN, China, March 19, 2024 /PRNewswire/ -- SkyPixel, one of the world's most popular online communities for aerial photography and videography, today announces the winners of the SkyPixel 9th Annual Photo & Video Contest. Co-organized with DJI, this year's competition attracted over 130,000 submissions – a 100% increase from the previous year. The contest welcomed submissions from across the creator community, which includes professionals, aerial enthusiasts, and creative newcomers, showcasing their personal histories through the art of visual innovation. A Contest Shaped by You The SkyPixel Annual Photo & Video Contest is a testament to the power of innovation led imagery, honoring stories that shape the art of image capture both on solid ground and amidst the clouds. SkyPixel has cultivated a community-driven platform that reflects the dreams and aspirations of creators worldwide, and the annual competition has been a conduit for people who love image creation to express themselves as it authentically reflects the desires and aspirations of creators worldwide. Industry-Leading Judges The 9th Annual Photo & Video Contest was assessed by a Judging Panel of incredible professionals in the industry. In photography, seasoned experts include Wen Huang, a World Press Photo judge and Senior Editor, and Anne Farrar, Assistant Photography Chief Editor at National Geographic, Nan Li, the Photo Director of Southern Weekly, and Daniel Kordan, a renowned landscape photographer. In the video category, the judges include Michael Fitzmaurice, the Aerial Director of Photography of "Jumanji: Welcome to the Jungle," and Xiaoshi Zhao, known for his award-winning work on "Forever Enthralled." Bing Xi, a prominent figure in the Chinese TVC industry, and celebrated filmmaker Brandon Li round out the panel. After careful deliberation, the panel proudly presents the final winners for the year. 9th Annual Best Work Prize – Video: "Haines Alaska Through the Eyes of Luke Bredar" by Luke Bredar This year's video judging panel, which includes award-winning Cinematographers and Directors of Photography, chose Luke Bredar's video, "Haines Alaska Through the Eyes of Luke Bredar." This short film mixes heart-pounding action shots of a skier racing down a snowy mountaintop landscapes with breathtaking shots of Alaska's mountainous, winter terrain. Luke Bredar details the thought process behind the short film, "The motivation behind creating this video was to evoke themes of otherworldliness, objective risk, the interplay between risk and the essence of human spirit, solitude, impermanence, self-sufficiency, and the journey of incomplete wandering intertwined with heartbreak." This short film is an epic story made in collaboration with Matchstick Productions. Bredar explains how he pursues a better visual presentation through his creative process "I think to myself. How would my child self want to see this filmed? And I almost always get a clear vision in response. There are a myriad of challenges shooting aerial cinematography in mountain environments, but they are all ...Full story available on Benzinga.com
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