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HMRC can boost your personal tax allowance to £14,064 and backdate it if you meet criteria

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manchestereveningnews.co.uk

The tax-free Personal Allowance has been frozen for years and, barring a policy reversal from the new Labour government, is set to remain so until at least 2028.

This means that due to 'fiscal drag', an increasing number of people will find themselves paying more tax on their earnings as wages rise to counter inflation and more individuals fall into the income tax bracket.

The Personal Allowance, which is the amount you can earn before you start paying tax, remains at £12,570, where it is expected to stay until 2028 at the earliest.

Consequently, anything you earn above this threshold is taxed at 20 percent, or 40 percent for higher rate taxpayers and 45 percent for additional rate taxpayers.

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