Further to our report about changes due to be made to the way in which employers report payroll information to HM Revenue & Customs (HMRC), information has now emerged on one of the practical benefits of this transition for employees. To help make millions of people more aware of the amount of tax they pay, the [...]
Wednesday, June 15, 2011
The introduction of the top rate fifty percent tax band has resulted in Britains highest earners paying more tax than 13 other major economies. Those earning more than £122,000 would take home 60.9 percent of their income after tax - this differs from Russia where 87 percent is retained, 80.4 percent in Egypt and 100 percent [...]
Monday, May 30, 2011
According to the ‘Adam Smith Institute’, today 30th May 2011 is ‘Tax Freedom Day’ - This is the first day of this calendar year that the average Briton stops working to pay taxes and actually starts earning money solely for themselves. All the money earned between the start of the year and May 29th, 149 days [...]
Tuesday, May 24, 2011
Just how much did the Government collect in taxation in the last tax year? Well, we now know thanks to the release of detailed tax receipt information by HMRC. A total of £446 Billion was collected in taxes in the last tax year. This figure includes all taxes, such as duties and VAT. 55.4 percent of [...]
Tuesday, April 26, 2011
HMRC have introduced a tax disclosure scheme for plumbers who may not have disclosed all their income details for tax purposes in the past and would now like to draw a line beneath the matter. Trades that are covered under the ‘Plumbers Tax Safe Plan’ include: Plumbing Heating or Gas Installation This includes people who install or repair fixtures/pipes [...]
Saturday, April 9, 2011
The National Minimum Wage is increasing by 15 pence from 1 October 2011 to £6.08. Full details are as follows: Main rate - Workers that are 21 years old and over, will increase to £6.08, an increase of 15p from last years rate of £5.93 Minimum wage for workers between 18-20 years old increases to £4.98, an increase [...]
Wednesday, March 16, 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 of [...]
Tuesday, March 15, 2011
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 tax [...]
Thursday, March 10, 2011
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 that [...]
Tuesday, March 1, 2011
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 in [...]
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Sunday, June 19, 2011
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