UK Tax News from TaxPenny

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 breakdown itself is in categories such as Health, Welfare, Education etc.

You can try our online Tax Calculator which will provide you with a breakdown of your tax today, by heading over to www.uktaxcalculators.co.uk.

We have used the PESA (Public Expenditure Statistical Analyses) data to divide central Government spending into percentages and apply that to the total income tax and national insurance due, this will approximate how much of your tax payments are going to each sector of spending.

The data has been applied to the main income tax calculator as well as the multiple income tax wizard.

Give it a try!