The freeze on income tax thresholds could see some people paying more tax on their salary.
People are being warned they could end up paying more tax in 2023 once the new financial year begins on April 6. Sarah Coles, senior personal finance analyst at Hargreaves Lansdown said that frozen thresholds and cuts to tax breaks are among the pressures people should be aware of this year.
She continued: “Salaries rising automatically increases the amount of tax we pay, but the frozen thresholds also mean that the more wages rise, the more people will cross the frozen thresholds to pay a higher rate of tax. She continued: "Those on higher wages tend to have more wiggle room in their budgets, but rising prices have created headaches for top earners.
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