UK Tax News from TaxPenny

Tax Calculator Launched For Your Mobile

We have just launched our new mobile tax calculator - it is a fully functional mobile version of our popular website www.uktaxcalculators.co.uk. Due to the mobile nature of the new website we have added a few mobile specific features: Overtime Calculator - Just enter your hourly rate and the number of hours overtime at normal pay, [...]

2011/2012 Tax Calculator

We’ve just launched another new tax calculator, but this one gives an interesting insight into the announced changes for national insurance from the 2011 tax year. tax calculator powered by UK Tax Calculators Our 2011/2012 Tax Calculator is fully customisable and allows you to be the chancellor, as you can tinker with all the major income tax [...]

Budget 2010 - Highlights

The last budget to be given by labour for a while? Possibly, but this budget could be seen as much a fiscal response as an election response. Read our highlights.

How much do you need be paid to achieve your chosen lifestyle?

We have just finished our fully featured, reverse uk tax calculator for tax years from 2003 to 2010/2011. You just need to enter your chosen/required take home pay and select other options that are relevant to you, such as: whether you have student loan repayments would like to make pension contributions - salary sacrificed or otherwise your known [...]

Budget 2010 Predictions

The chancellor has a tough schedule to keep to if he is making any major changes. With the General Election around the corner he wants to keep votes and may find it easier to postpone any hikes until after the election, it would also be difficult to push through the new finance bill before the election. A [...]

Where Did My Tax Go?

Have you ever wondered where did my tax go? Well, find out where it went over the last 8 tax years, at www.wheredidmytaxgo.co.uk. Give it a go! The tools uses data from the Public Expenditure Statistical Analysis (PESA) of government spending along with forecasts of future spending and divides up the percentage of central govenment spending against the [...]

Student Loan Overpayments Problem

Due to a time delay between an employer submitting their annual PAYE return and the deductions made from an employees salary each month, it has been possible for ex students to overpay their student loan through their PAYE deductions. Ex students can now opt out of PAYE repayments during the last 23 months of repayment and [...]

Record number of Tax Returns filed online

HMRC statistics reveal the number of taxpayers filing Self Assessment Tax Returns online this year has hit a new record. 6,249,899 people has filed their Tax Return by the 31st January 2010 online filing deadline. This accounted for 75% of all returns submitted and was an increase of 12% on last years, 2009, total online submission of [...]

Dividends vs Salary - Are Dividends Still The Low Tax Option

The examples below explore the tax efficiency of the different ways in which it may be possible to extract profits from your business. You have the options of: Operating as a Sole Trader (No limited liability, No shareholding ability). Incorporating as a Company (Limited Liability, Ability to hold shares). For illustration purposes, we will use a Gross Company Profit [...]