The UK is raising taxes faster than any other major economy, the International Monetary Fund (IMF) warned this week. Britain’s tax burden is on course to hit a peacetime record by the start of the next decade, rising by 4.5 percentage points between 2024 and 2031 – five times the average across the 38 advanced
The tax rate you pay depends on your situation HMRC has clarified one of its tax rules(Image: Getty) HMRC has issued guidance regarding a tax you may be required to pay. The update came after a query from a taxpayer who wanted to work out whether they were liable for a tax bill. Writing on
The tax rate you pay depends on your situation HMRC has clarified one of its tax rules(Image: Getty) HMRC has provided clarification about who needs to pay a tax. The department issued the guidance after a question from a taxpayer who wanted to understand their potential liability. Writing on social media, the person asked whether
It’s a detail that many people perhaps don’t appreciate Joe Farmer(Image: Joe Farmer/Newspage) Millions of savers could be sitting on a costly misunderstanding about ISAs, an expert has warned. Many believe they are completely tax-free when in reality they could face a significant bill further down the line. ISAs have long been marketed as one
Handcuffs over U.S. tax 1040 forms. – ronstik // Shutterstock Tax refund fraud is surging in these states. Here’s how to protect yourself before it’s too late Whether you’re due to receive a tax refund this spring or not, it’s likely that there are scammers out there eager to get hold of your personal information.
Tax Day is officially here. And for those who have yet to file, the April 15 tax deadline may feel like it arrived too quickly. Although time is running out, there are still options available to avoid added penalties. So, whether you’re filing electronically, mailing in a paper return or need an extension, here are
Consumer champion Martin Lewis, who has pushed for changes to the way council debt is collected, has praised the changes The council tax system in England is changing(Image: GETTY) A major shake-up of the council tax system will see households given more time to settle missed payments. Under current rules, people can become liable to
A new petition on the parliament website is calling for Chancellor Rachel Reeves to raise the personal tax allowance to £18,000 amid concerns about fiscal drag Chancellor Rachel Reeves is being urged to raise the lowest income tax threshold(Image: Getty Images) Backing is surging for a fresh campaign urging Chancellor Rachel Reeves to increase the
The deep freeze in income tax thresholds since 2022 has dragged hundreds of thousands of people into higher tax brackets. The statistics, obtained by insurer NFU Mutual, show additional-rate taxpayers claimed £806m in tax relief on relief-at-source pension contributions via self-assessment in 2023-24, more than double the £365m they claimed in 2022-23. Meanwhile, the number
Ahead of the Senedd election on May 7, parties are making promises about what they plan to do if they get voted into power. Manifestos have been published that make pledges about a range of topics, from health and education to councils, In a series of pieces ahead of the election, we’re going to break