Giving the upcoming changes to the pensions regime and the extra tax we'll all likely be paying we probably don't want any more pay rises!
Folks at the larger units might want to also watch they don't go over £100K this tax year if they do AAVAs. You start to lose your Personal Tax Allowance after that figure.
From the tax year 2010-11, if your income is over £100,000, your Personal Allowance is reduced by half of the amount, £1 for every £2 you have over that limit. If your income is large enough, your Personal Allowance will be reduced to nil. This £100,000 limit applies irrespective of your age.
You could then be liable to 40% tax on up to £6475 of your hard earned dosh which you weren't before. And the Revenue folks will also 'assume' that you will be earning over £100K for the next tax year (2011-2012) and require you to submit an annual return.
