The 60% Tax TRAP That Cost Me £5,500 in Retirement!

Описание: Are you prepared for the UK's 60% tax trap? I thought I was. I took redundancy, planned my early retirement meticulously, and believed all my tax was settled through PAYE. Then a letter from HMRC landed on my doormat with a shocking, unexpected tax bill for £5,500.

In this video, I’m sharing the raw and honest story of how my total earnings of over £125,000 (thanks to my redundancy payment) triggered a hidden tax rule. This rule completely wiped out my £12,750 Personal Tax Allowance, leaving me with a huge bill I never saw coming and putting a serious dent in my retirement funds. This is the reality of the so-called "60% tax trap" that nobody, not even the advisors I spoke to, warned me about.

This isn't just my story; it's a critical warning for anyone earning near or over the £100,000 threshold, especially if you're expecting a bonus, pay rise, or redundancy package. I'm breaking down exactly what happened, how the tax is calculated, and what you NEED to know to avoid this devastating financial shock.

I created my channel, Level 50 Lifestyle, to navigate life over 50, but this is a lesson that could save you thousands, no matter your age. Don't get caught out like I did.

Did you know about this tax trap? Have you had a similar experience with an unexpected bill from HMRC? Let me know in the comments below.

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USEFUL RESOURCES -
GOV.UK page on Personal Allowance: hmrc.gov.uk

Check out my books:

Mastering the Art of Small Steps: The Joyful Path of Kaizen
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Bushido Unplugged: Samurai Wisdom for the Modern World: How the Art of the Samurai Can Enrich Your Life Today
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The Ikigai Blueprint: Unlocking Meaning, Passion, and Success in Your Everyday Journey
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