121 results for "tax system"

Following an incorrect amount of tax being charged on pension income, HMRC has refunded more than £42 million in pension tax overpayment refunds in the first quarter of 2024. HMRC...

Inheritance tax (IHT) reforms announced in the Budget are set to reshape the financial landscape for thousands of UK homeowners and pensioners. By freezing tax-free thresholds and including pensions in…

From April 2025, a major change to the UK tax system will require a group of previously exempt vehicle owners to contribute. This change is aimed at a growing category…

The State Pension increase in April could leave millions of pensioners may find themselves approaching or exceeding the income tax threshold.

Households are advised to consider their pension plans in detail before the 2027 Inheritance Tax adjustments come into force.

Chancellor Rachel Reeves plans to raise £20bn through employer National Insurance hikes, marking Labour's first major tax reform since taking office.

There has been a notable rise in tax-free withdrawals from pension pots, prompting investment firms to call for stability and clarity in pension tax policies.

Chancellor Rachel Reeves faces criticism for claiming £1,225 in expenses for tax return help, reigniting debate over MPs' taxpayer-funded privileges.

Major tax changes for electric vehicles in the UK will begin on 1 April 2025 and will affect both newly registered and older vehicles.

A potential £16 billion tax increase on pension contributions could significantly reduce pension savings. Sir Steve Webb suggested this could occur if employers are required to pay National Insurance on…

British drivers will face higher car taxes from April 2025, including Vehicle Excise Duty for electric vehicles and added costs for luxury models.

The UK is considering a new 15p per mile pay-per-mile car tax that could significantly impact older drivers, particularly those aged 70 and over, who might pay around £249 annually.

Drivers planning long-distance trips may encounter higher expenses under the new pay-per-mile tax scheme, which is expected to significantly increase travel costs.

The new Labour Party government may introduce a pay-per-mile car tax, potentially replacing vehicle excise duty (VED), which could result in higher costs for families, who are expected to "pay...

New vehicle tax changes scheduled for next spring have been heavily criticized and described as unfair by many drivers. New Vehicle Tax Set to Affect Electric Car Owners Starting in...

UK households may be able to reduce their council tax to £0 for the year. This warning was issued as an alarming 1.3 million families struggled to pay their Council...

A conservative think tank has proposed a £5,000 Parental Allowance, urging the Department for Work and Pensions (DWP) and HMRC to consider it. Onwards has joined parenting platform Mumsnet to suggest offering a £5,000 tax...

People who submit their taxes directly to HMRC through Self-Assessment are being urged to meet the deadline today, July 31. If they fail to do so, they could face a...

The research shows that by 2026 million pensioners could suffer from so-called “retirement tax” on their state pension. Labour will hold the current tax threshold at £12,570 up to 2027-28....

If you are doing part-time work, it could be a good idea to review your tax situation to ensure you are not overpaying. During the summer, many people, especially students...

Beginning tomorrow, July 1,more than 90, 000 people currently claiming Employment and Support Allowance (ESA) and Child Tax Credits will be migrated to Universal Credit. Employment and Support Allowance (ESA)...

Elderly people (Pensioners) in the UK are getting ready for a possible big tax hit if Labour wins the next vote. But even if the Conservatives stay in control, retired...

Reform UK is expected to announce a bold economic strategy on Monday that includes raising income tax and inheritance tax thresholds. The party says these tax cuts can be financed...

Wealthy pension savers are being cautioned that a new “catch in the small print” of lifetime allowance legislation might put them at danger of paying excessively tax on pension withdrawals....

Experts issued a warning to individuals who are late in filing their UK tax returns to make the necessary corrections as soon as possible to avoid the higher penalties that...

The UK Government has announced the Great British Insulation Scheme at a time when winters are getting colder and energy costs are soaring. This innovative initiative aims to ease the...

Recent statistics suggest that many pensioners may have been overtaxed on their pension withdrawals. Claimants are being encouraged to check whether they are entitled to a tax refund from HM...

Prime Minister Rishi Sunak has announced massive changes to the UK's welfare system. Mr Sunak stated in a speech on Friday morning that it is a "moral mission" to reform...

The think-tank claims that eliminating three important inheritance tax reliefs would create a fairer system and bring in £3 billion for the Treasury in the current tax year. In a...

The cost of maintaining 'Gold-Plated' public sector pensions will be shouldered by taxpayers to the tune of an extra £2.5 billion, following the granting of one of the biggest pay...

April 6 represented an important turning point for 29 million British citizens, as a record reduction in National Insurance Tax Cut came into effect. This transformational event is the result...

UK Prime Minister Rishi Sunak's proposed wine tax changes have raised serious concerns across the industry. The new regulations, due to come into force in February 2025, could lead to...

Pensioners have encountered an unforeseen financial setback, as newly disclosed figures reveal the imposition of an "emergency" income tax bill, reaching as high as £55,000 for some individuals, subsequent to...

Understanding the subtleties of Capital Gains Tax (CGT) is essential in the world of personal finance. Gains, i.e. profits made on the sale of assets such as shares, bonds or...

As the UK nears a historic milestone, welfare costs soar, with the working-age benefits bill set to exceed £100 billion this year. This unprecedented expenditure, linked to a surge in...

The Chancellor's recent decision to abolish the pensions "lifetime allowance" marks a landmark day for British pensions. The move holds the potential to reshape the landscape of retirement savings, promising...

The UK's healthcare system is under threat of massive shake-up, with doctors and nurses predicting an exodus due to potential changes to pension benefits proposed in the forthcoming Budget.

Chancellor Jeremy Hunt has unveiled proposals to reform child benefit, allowing any household with an income of up to £120,000 to qualify. Prioritising High Earners and Addressing Tax Cliffs Hunt...

Under a new Tory Party plan, state pensioners will notice an extra £100 in their bank accounts, and that's "just the start." State Pensioners Set to Receive £100 Boost Under...

High earning parents are the biggest beneficiaries of the latest budget adjustments, as the chancellor announced a major restructure of a tax penalty that is set to have an impact...

UK Chancellor Jeremy Hunt's Budget 2024 announcement may have left you wondering about the impact on your finances. Substantial changes are on the horizon, with key measures on tax, benefits,...

At a critical moment, the UK is facing a looming council funding crisis that threatens essential services and local finances across England. This pressing issue demands immediate attention and decisive...

The resolution to Britain's growing public debt crisis demands a comprehensive fiscal overhaul. Despite this urgency, both the current Tory government and the anticipated Labour successor exhibit a notable reluctance...

A cross-party coalition of Members of Parliament is urging ministers to promptly allocate £4 billion to bolster English town hall budgets. This call for action aims to avert an imminent...

Big changes are coming to benefits as the DWP rolls out its plan to migrate to Universal Credit. Will you keep your payments or face a financial shock? Find out…

The Department for Work and Pensions (DWP) has announced the end of six major social benefits, which will mean a major shift for thousands of recipients.

The UK government is set to launch 'pension megafunds' to drive economic growth and support local infrastructure investment. This reform will consolidate pension assets into larger funds, expected to generate…

This winter, UK pensioners could receive a boosted Winter Fuel Payment, with some seeing up to £100 extra. Under new eligibility guidelines, pensioners born before specific years and claiming certain…

In the UK, people receiving Disability Living Allowance (DLA), Adult Disability Allowance (ADP) or Personal Independence Payment (PIP) could see their monthly income increase from April 2025.

How does contracting out your additional state pension affect your retirement benefits, and what should you look out for?