Latest news with #highEarners
Telegraph
3 days ago
- Business
- Telegraph
Earn over £200k? HMRC could be snooping on you
If you earn over £200,000, you may have had your finances snooped on by the taxman. High earners or those with over £2m in assets are defined as 'wealthy' by HM Revenue and Customs (HMRC). This means a specific team within HMRC is dedicated to ensuring these taxpayers pay the right amount. While the so-called 'wealthy' team has always existed, recently it has ramped up its investigations. According to a recent report by the National Audit Office (NAO), the tax office collected £5.2bn from the wealthy in 2023-24, up from £2.2bn in 2019-20. HMRC has said this tax would have been lost if not for its interventions. In 2023-24, 850,000 individuals – or 2pc of taxpayers – met HMRC's definition of 'wealthy'. Of these, 395,000 had an income of more than £200,000 while the remaining 455,000 had assets worth more than £2m. Around 2,500 taxpayers were worth over £100m.
Yahoo
6 days ago
- Business
- Yahoo
Rayner's tax plans would ‘accelerate exodus of Britain's wealthy'
Angela Rayner's proposed tax raid on savers and high earners would accelerate the exodus of Britain's wealthy, a leading global wealth adviser has warned. Rich people will leave the UK in greater numbers if the Deputy Prime Minister succeeds in her efforts to tax wealth more, Henley and Partners said. Philippe Amarante, the firm's head of private clients, told The Telegraph: 'What I hear from people is their response to this will most likely be 'I want out'.' 'If a country like the UK continues to make its fiscal balance sheet healthier by taking away from those who have more, those who have more will become fewer. The equation will not work.' The firm, which has 60 offices globally, is one of the world's largest investment migration consultants and benefits when the wealthy are on the move. Last week a leaked memo emerged revealing that Ms Rayner has been pushing for the Chancellor to raise taxes in order to avoid further spending cuts. The Deputy Prime Minister suggested several measures that would hit well-heeled Britons the hardest, such as equalising levies on dividends and income, and taxing pension pots more. She also suggested extending the freeze of the £125,140 threshold for additional rate taxpayers, meaning more high earners would be dragged into the 45pc tax bracket. However, Ms Rayner is playing with fire with such proposals, the wealth manager warned. Mr Amarante said: 'The concern that wealthy people have is about less wealth acceleration and more about wealth preservation. If a government is trying to tax them unreasonably highly, these people will go somewhere else because they can.' A record 10,800 millionaires left the UK last year amid anger over Labour's tax policies, previous Henley and Partners analysis suggested – more than twice as many as in 2023. Several high-profile names are among the latest émigrés, including Nassef Sawiris, Egypt's richest man and the co-owner of Aston Villa. They also include the most senior Goldman Sachs banker outside the US, Richard Gnodde, and billionaire property tycoon brothers Ian and Richard Livingstone. British nationals are already the second-largest group of buyers of real estate in Dubai, one of the most popular destinations for high-net-worth individuals who leave. The Covid pandemic also prompted greater numbers of wealthy Britons and Americans to seek citizenship in other countries as an 'insurance policy' in case of another pandemic or war, according to Mr Amarante. Mr Amarante said: 'If you had asked me two, three or four years ago, I would have said the majority of our clients are those with less powerful passports. But that is not valid any more. One of our largest source markets is actually the US and the UK now.' He added: 'There is an underlying concern – a bit of life insurance policy thinking – that if we get to another crisis of a global scale, pandemic, war, conflict or something else unforeseeable that at least I have the option to react.' Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Forbes
09-05-2025
- Business
- Forbes
4 Things High-Earning Side Hustlers Do Differently
4 Things High-Earning Side Hustlers Do Differently getty Side hustles aren't just a trend anymore — they've become part of our lifestyle. In fact, almost 40% of workers in the U.S. have side hustles. These side projects bring in extra cash and offer a little freedom while we try to keep up with inflation. A survey from Side Hustle Nation showed that the top 5% take home $10,000 per month, while 56% get less than $100 a month. So, what sets high-earning side hustlers apart from the rest? More than working hard, it's about knowing how to play the game and where to focus your energy. Here are the things top-earning side hustlers do differently that can help level up your own hustle, too. Having a side gig means you have a full-time job as your main source of income. And successful side hustlers know how to ace both. They plan out their time well so that nothing gets compromised. How so? They create a realistic schedule and stick to it. For example, if they have the usual 9 to 5 job, they wake up as early as 5:00 a.m. and spend 2 hours working on their side hustle. Instead of scrolling on their phone at night, they devote 3 hours to their hustle. While they make sure to enjoy the weekends, they allot another 4 hours in total for work. That's already 29 hours in a week. Time is money, so instead of saying, 'I don't have time,' try saying, 'I'll make time.' Create a routine that works for you: one that doesn't feel like a chore but rather something you'll look forward to. Besides, we're talking about extra income and personal growth! You'll find high-earning side hustlers everywhere: posting on LinkedIn, joining freelancer groups, or attending webinars. They're not just visible online; they also continuously build connections through in-person events, including workshops, conferences, and industry trade shows. For example, attending a marketing expo helps them land new clients or meet experts who can share valuable insights and strategies. Even going to coffee shops or co-working spaces comes with the intention to expand their network. They start conversations and build relationships even in casual settings. That's because high-paying side hustlers know that opportunities can arise even from spontaneous interactions. Of course, they maximize their current circle by getting referrals from friends, former colleagues, and superiors. They're always hustling to meet people who could be key to new income streams. Top side hustlers earn six figures for a reason. They wisely use their energy by solving thousand-dollar problems and not ten-dollar ones. Instead of accepting small, random tasks, they aim for high-value projects. For example, instead of writing a one-time ad or IG caption, copywriters would propose a bigger project like a full rebranding package. This includes social media captions, landing pages, blog content, and video scripts. They offer long-term solutions to clients, helping them build credibility and attract the right customers. And this means more revenue to them and their clients! More than just providing the service that clients need, side hustle pros position themselves as trusted partners and leaders in their chosen industry. This approach makes it easier to find major clients and demand higher rates. Top-earning side hustlers never stay complacent, especially in such a fast-paced industry. They always find ways to grow and stay ahead of the game. For example, a private tutor will explore selling online courses to reach a broader audience. A content writer may also learn SEO optimization and graphic design to offer more comprehensive services. By exploring different side hustle combos, they provide more value to existing and potential clients and rake in more money. Top-performing side hustlers also keep themselves updated with new tools, trends, and technologies. Whether it's exploring effective automation tools, editing software, project management platforms, or productivity apps, there's always something new that keeps them competitive. Anyone can start side hustles, but only a few dominate. With the right mix of strategy and adaptability, you're not far from making it big. Master the best practices, expand your network, and keep evolving. Hustle smart, and the numbers will follow!
