UK Tax News from TaxPenny

UK Budget 2011 Calculator

UPDATE: The Budget Calculator has now been updated for the 2012 UK Budget. Go to the Budget 2012 Calculator. We have just switched on our our 2011 Budget Calculator website for you – as of now it’s not complete as the Budget speech has not been given yet, however due to many changes for the [...]

Budget 2011 Predictions

The 2011 Budget is fast approaching and due to the level of changes, families have been given generous time with announcements being made within the emergency budget last year as well as the publishing of tax bands and rates last December. Nearly 50 reforms to the tax and benefits system will come into action from [...]

Childcare Voucher Schemes After 6th April 2011

If you are a higher rate taxpayer next tax year (earning more than £42,475 gross per year) the rules for exemptions within Childcare Voucher schemes are changing for you. If you have not joined an approved Childcare Voucher Scheme with your employer or a third party yet, you should hurry to join before the end [...]

Many People Could Be Paying Tax Needlessly

According to HSBC a large amount of consumers (82 percent) are in the dark about the amount of tax free allowances they are entitled to. This is more prevalent with those who are within the group of lowest earners – people who most likely would pay little or no tax. Some CIS Subcontractors who pay [...]

Chancellor Urged To Abolish 50p Tax Rate

With the UK Budget date looming ever closer, Chancellor George Osborne is being put under fresh pressure to ease the tax burden of higher earners by removing the top 50 percent tax rate, as well as other taxation restrictions aimed at top earners. The Adam Smith Institute, a free market think-tank, published a report warning [...]

Are You Claiming Any Tax Credits?

According to a Tax Action Report by online financial advice website unbiased.co.uk, nearly £13.5 Billion was unnecessarily paid to the revenue over the past 12 months. The report was commissioned to investigate the amount of money wasted due to errors people make with their personal finances – in particular, mistakes which end up costing more [...]