The Prince of Wales is one of the biggest taxpayers in the country, a new report has revealed. Prince William , 43, pays up to £7 million in income tax a year, according to the Sunday Times. This puts the heir to the throne in the top 0.002 per cent of British taxpayers. Most of
It might look like a random string of numbers and letters, but getting it wrong could mean you’re paying too much tax – or not enough and facing a surprise bill later. Your tax code is used by your employer or pension provider to work out how much Income Tax to deduct from your wages
More pensioners than ever before are paying tax (Image: Getty) The number of pensioners paying income tax has surged by more than a million in a year, with at least 22 per cent of taxpayers now aged over state pension age. HM Revenue & Customs figures released today for the 2023-24 tax year reveal that
Around 8.5 million people over the state pension age are already paying tax 3 extra payments state pensioners could be entitled to A combination of the Triple Lock guarantee and frozen personal allowance thresholds could see state pension payments triggering income tax bills for pensioners from next April. Millions of people already beyond state pension
Tom Forrester, trainee financial planner at BRI Wealth Management, outlines the inheritance tax changes due to take effect from April 2027, when unused defined contribution pension funds will begin to count towards the value of an estate. From 6 April 2027, any unused pension funds will be included in your estate for inheritance tax (IHT)
Thousands of people were forced to claw back overcharged tax totalling £44mn on withdrawals from their pension in the first three months of 2026, new figures from HM Revenue & Customs (HMRC) show. The scale of the problem has been mounting for years, and almost £1.6bn has now been reclaimed since 2015, according to AJ
April has brought a dense cluster of tax adjustments that businesses will feel immediately, so it’s vital that employers understand the changes and what they mean for their bottom line. The National Living Wage (NLW) increase for workers aged 21 and over will put further financial pressure on employers, now it has risen to £12.71.
The full New State Pension now stands at £12,547 for the 2026/27 tax year The complete New State Pension now stands at £12,547 throughout the 2026/27 tax year(Image: Connect Images via Getty Images) Financial experts have cautioned that the recent State Pension increase under the Triple Lock is pushing more pensioners towards paying income tax.
Frozen tax thresholds have pushed millions more into higher and additional-rate income tax Thresholds are set to be frozen for a total of a decade(Image: tattywelshie via Getty Images) Close to two million people across the UK have been dragged into the higher-rate income tax band since the beginning of this decade, according to new
A key change in the Income Tax Return (ITR) framework will alter tax filing for small businesses and freelancers. The Central Board of Direct Taxes (CBDT) has made investment disclosure mandatory in ITR-4 (Sugam), the form used by those opting for presumptive taxation. The rule will apply from Assessment Year 2026-27 (for