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HMRC says highly paid Brits pay plenty in taxes

For all the complaint and outrage over the wealthy not paying their fare share in taxes, Her Majesty’s Revenue & Customs has released startling figures.

The taxman has recently revealed that, according to its own figures, 60 per cent of all tax collected in the UK originates from the top 14 per cent of wealthy taxpayers. This takes more than a bit of the sting out of accusations that the nation’s well-off are shirking their tax responsibilities by engaging in tax avoidance schemes.

Not only that, but independent research published by the Sunday Times found  there are actually more top rate taxpayers than last year as well. There were 4.13 million Brits fund to be earning enough to be in the top tax rate, up from the 2010-2011 tax year’s 3.25 million.

Many contractors and freelancers actually fall into this higher tax rate, according to industry experts. In fact, with the typical UK contract worker earning nearly £53,000 annually, the PAYE worker has been left in the dust in comparison as their average income is nearly half that.

Around £202 billion is contributed to the British economy on a yearly basis thanks to the work of freelancers and contractors, experts say. In fact, as much as 14 per cent of the total British workforce could be composed of interim workers that have thrown off the shackles of permanent employment, instead embracing the flexibility of the contract working lifestyle.

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