UK Tax News from TaxPenny

Fill Out A Tax Return If You Want To Claim Child Benefit

Parents earning up to £60,000 will have to use a self assessment tax return for the first time when claiming child benefit. If you are living in a partnership/married to a higher rate taxpayer and earn up to £60,000 you will need to use the tax return to allow HMRC to calculate whether their will [...]

Budget 2012 Calculator

We have updated our 2012 Budget Calculator with all the details we already have for this year’s Budget. Hop over now to see if you are better or worse off. Information has now been fully updated and taken from the HMRC Overview of Tax Legislation and Rates from Budget 2012: 2012/13 Income Tax and National [...]

Taxpayers to be told where their taxes are spent

With the 2012 Budget a mere few days away, more information about what to expect is leaking out. New plans have been revealed which, starting from 2014, will provide every taxpayer with an individual statement outlining how much tax they paid, a breakdown, as well as where the Government has allocated it be spent. The [...]

50 Percent Tax To Be Cut To 45 Percent Tax From 2013

It has been reported that the Chancellor, George Osborne, has agreed a last minute deal within the coalition Government that will see the current top rate tax band of 50 percent, dropped to 45 percent from the start of the 2013/2014 tax year. The deal was agreed to put in place a ‘tycoon tax’ proposed [...]

Budget 2012: What is in store for you?

It’s that time of the year again. The time when you wonder how the Chancellor George Osborne will affect your live in the coming tax year. There is a lot of speculation already about how added, removed or changed measure in the Budget will have your pockets running scared across the country. As always, we [...]