Taxation

Econostrum’s Taxation section offers in-depth coverage of UK tax issues, focusing on updates to tax legislation, impacts on individuals and businesses, and guidance on compliance. We provide detailed analysis of new tax proposals, changes in tax rates, and advice on tax planning. Our coverage extends to discussions on VAT, income tax, corporate tax, and international tax implications. By elucidating the complexities of the tax system, Econostrum aims to empower readers with the knowledge necessary to navigate their tax obligations effectively. Whether you’re a taxpayer or a financial professional, our articles are designed to keep you well-informed on all things tax-related in the UK.

Council Tax : Scottish Government Invests £400,000 to Aid Struggling Households

The Scottish Government announces a major funding initiative to improve access to help for people struggling with Council Tax debt. This initiative builds on successful pilot programs and will extend…

Council Tax Scottish Government Invests £400,000 To Aid Struggling Households

Taxpayer Burden: The Hidden Costs of Civil Servants’ £1 Billion Pension Increase

Public sector workers are set to receive a pay rise and increased pension contributions, sparking debate over the rising costs to taxpayers.

Taxpayer Burden The Hidden Costs Of Civil Servants’ £1 Billion Pension Increase

HMRC Helps UK Households Manage Christmas Costs with Tax Payment Plans

The festive season is fast approaching, and many UK households are facing the double pressure of holiday spending and upcoming tax bills. To ease the financial burden, HMRC has introduced…

Hmrc Helps Uk Households Manage Christmas Costs With Tax Payment Plans

Ford, Toyota and 57 Other Cars Facing £2,745 Tax Surge in 2025 – Check the Full List

Starting in April 2025, a new set of car tax hikes will hit a range of popular models, with some facing an eye-watering £2,745 increase. High-emission vehicles from brands like…

Car Park In The Uk

Britons Trapped in a Car Insurance Nightmare as Costs Soar Over Past Year

Car insurance costs are soaring in the UK, with 2.6 million people unable to afford coverage. Citizens Advice reports that many are cutting back on essentials, while some have stopped…

Car Insurance (1)

Highland Council’s Shocking 35% Tax Hike: What It Means for Your Wallet

Highland Council is planning substantial increases in council tax, raising concerns among residents about the impact on their budgets and local services.

Scheme Council Tax File With Some British Coins

New Car Tax Shock for Drivers: 59 Vehicles to See £2,745 Hike – Find Out If Your Car’s Affected

From April 2025, 59 cars across multiple manufacturers will be affected by the new tax increases, as part of the government's efforts to drive the transition to electric vehicles. The…

New Car Tax Shock For Drivers 59 Vehicles To See 2745 Hike Find Out If Your Cars Affected

HMRC Issues Crucial Warning for Savers With More Than £10,000 — What You Need to Know

HMRC has issued a critical warning for UK savers with interest or dividends exceeding £10,000. This new threshold could mean tax implications for many.

Hmrc Urgent Letter

Teachers Claim £31k Tax-Free Grants Misused for House Deposits and Vacations

A recent investigation has uncovered misuse of taxpayer-funded teacher training grants, with some recipients using the money for personal expenses rather than education-related purposes.

Teachers Claim £31k Tax Free Grants Misused For House Deposits And Vacations

UK Drivers Face Huge £600 Tax Hike on Popular Family Cars Starting in 2025

A major tax overhaul is on the horizon for UK drivers, with a staggering £600 increase in road tax (VED) set to hit family cars starting in 2025. This dramatic…

Houses In Menai Bridge, Anglesey, Wales, Uk, Overlooking A Cars Park.

£1m Inheritance Tax Cap: A Major Threat to Family-Owned Companies

Recent changes to inheritance tax laws could severely impact family-owned businesses. The new cap on tax relief may lead to significant financial strain, forcing some families to sell or liquidate…

£1m Inheritance Tax Cap A Major Threat To Family Owned Companies

Wealthy Households Face Tax Hikes as Scotland Tackles Budget Pressures

Tax hikes for wealthier households are central to Scotland's upcoming budget as Finance Secretary Shona Robison seeks to address fiscal pressures and secure opposition support for the plan. Additional revenue-raising…

Wealthy Households Face Tax Hikes As Scotland Tackles Budget Pressures

England’s Smart Motorways Are Being Switched Off – What It Means for You

It looks like some smart motorways across England are going to be temporarily switched off, which is raising questions about driver safety and traffic flow. What's the story behind this…

England’s Smart Motorways Are Being Switched Off

Older Car Owners Face Huge Tax Hike in 2025—Find Out What’s Changing

Owners of older cars are in for a surprise as the UK prepares for a dramatic increase in vehicle tax in 2025. While many are already struggling with the rising…

Cars Traffic

Scottish Government Faces Backlash Over Unconsulted Tax Freeze Plan

The Scottish Government’s decision not to reinstate the council tax freeze has major financial and strategic implications. As the Scottish budget approaches, councils face new challenges in managing revenue and…

Scottish Government Faces Backlash Over Unconsulted Tax Freeze Plan

UK’s New Inheritance Tax Loophole: How Britons Could Escape Tax by Retiring Abroad

The UK government’s recent budget proposal could change the landscape for Britons looking to retire abroad. Starting in April 2025, individuals who live outside the UK for at least 10…

Two Retirees Standing Closely Facing A Serene Beach Under A Bright Sky

HMRC Issues Urgent Warning for Those Earning Above £1,000

HMRC has issued a critical warning to those earning extra income through online platforms and social media. While many people may not realize it, there could be tax obligations even…

HMRC Paper

HMRC Chief Links Poor Customer Service to Rising Pensioner Tax Queries

In a recent session with the Public Accounts Committee, Sir Jim Harra, the chief executive of HM Revenue and Customs (HMRC), addressed the agency's declining customer service levels.

HMRC Document and some British one pound coins

Labour Urged to Offer Tax Breaks to Boost Electric Vehicle Sales Amid Growing Industry Concerns

The UK automotive industry is urging the Labour government to introduce tax incentives to boost electric vehicle (EV) adoption. Industry leaders, including Ford UK’s Lisa Brankin, have warned that without…

Electric Vehicle Charging In Marlow, Uk.

Scottish Government Urged to Align Income Tax Rates to Retain Talent

The Scottish National Party (SNP) is under pressure from the financial sector to reconsider its recent income tax hikes, with concerns over their impact on investment and business growth.

Scottish Income Tax Rates

Pension Inheritance Tax Changes Could Cost Households Up to 64% – Are You Affected?

UK households face a potential financial hit as new inheritance tax reforms target unused pension pots from 2027. Experts warn that the new tax rules could drastically affect the value…

Black Card With The Words Inheritance Tax Written In White Marker

UK Drivers Warned as Rachel Reeves Announces New Car Tax Changes

UK drivers are facing a major overhaul in car tax rates starting in April 2025. Announced by Chancellor Rachel Reeves, the reforms will sharply increase taxes on high-emission vehicles while…

Vehicle Tax Reminder Notice From The Driver & Vehicle Licensing Agency (dvla)

UK Savers Move Money Offshore to Avoid Looming Tax Increases

UK savers are increasingly turning to offshore bonds as they prepare for significant tax reforms that could dramatically raise capital gains tax (CGT) rates. These bonds, which offer tax deferral…

Old Lady Wearing Glasses Reading A Document With Cup Of Coffee Besides Her

Tax Hikes Push Scottish Universities to Demand Millions—What’s at Stake?

Scottish universities are facing increasing financial pressures due to rising UK taxes and falling numbers of international students. Institutions are warning of possible job cuts and funding disparities that could…

Tax-The Historic Architecture Of A Scottish University

Homeowners Brace for Bigger Bills Under Inheritance Tax Changes Affecting Estates

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…

Inheritance Tax

New Vehicle Category to Face Dramatic Tax Changes from April 2025

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…

Chinese Electric Vehicles Charging

Tax Hikes in UK Budget Signal Decline in Consumer Confidence and Wage Growth

The UK Budget's tax hikes, particularly the rise in employer national insurance contributions, are set to hit consumer confidence and wage growth in 2025, warn analysts. Reports from Goldman Sachs…

Crowd Of People Likely Heading To Work In London Uk

Government Scheme Offers Up to £400 Annually for Millions in Four Targeted Council Tax Bands

Millions of households in high Council Tax bands could save up to £400 a year on their energy bills thanks to the government's new insulation scheme. Designed to tackle the…

Scheme Council Tax File With Some British Coins

Households in England and Wales Face £217 Surge with New Council Tax Bands

Households in England and Wales are bracing for a financial shock as council tax bands undergo significant changes. With average bills rising by £109—and some soaring by £217—millions could face…

Households Little House With Some British Coin And Council Tax File

Council Tax Relief: DWP Benefits That Could Make Your Bill Disappear Completely

The DWP benefits can slash or even erase your council tax bill. From single discounts to full exemptions, find out if you’re eligible for significant savings that many people miss…

Council Tax Bill

Savers at Risk of Facing ‘Triple Tax’ on Pensions, Raising Concerns About Future Retirement Savings

Savers could face a "triple tax" on their pensions due to ongoing government changes, raising concerns among retirees and financial experts. The removal of the lifetime allowance limit in April…

Elderly Woman Holding A Magnifying Glass Trying To Read A Paper

HMRC Alters Late Payment Charges and Refund Rates for Taxpayers

His Majesty's Revenue and Customs (HMRC) reviewed late tax payment and refund costs in response to a Bank of England comment.

0 Hmrc2

Inheritance Tax is Set to Rise to 91%, as UK Households are Urged to Rethink Their Pension Plans

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

Inheritance Tax

Labour’s Hidden Tax Plan is Set to Burden Households with An Additional £16,000

Rachel Reeves' proposed freeze on the tax threshold could cost families more than £16,500, with analysis revealing hidden financial burdens.

Rachel Reeves' Hidden Tax Plan

Surge in Tax-Free Pension Withdrawals as Autumn Budget Fears Mount

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.

Withdrawals - Chancellor Rachel Reeves

UK Firms Warn National Insurance Hike Could Jeopardise Jobs and Wage Growth

UK employers are concerned that higher national insurance could make it harder to hire and raise wages, affecting pubs and restaurants.

Business Owner Talking To His Employee At A Bar

HMRC Crackdown on Gifting Rules: Families May Face Higher Inheritance Tax

Labour’s inheritance tax reforms could tighten gifting rules, leaving families facing higher taxes on gifts made years before death.

Hmrc Crackdown On Gifting Rules

Rachel Reeves Claimed £1,225 in Taxpayer Money for Accountancy Fees

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

Tax - Chancellor Rachel Reeves

Electric Vehicles Face New Tax Rules in 2025 — Who Will Pay and When?

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

Electric Vehicles Charging

HMRC Warns Thousands of Households About £100 Fine Ahead of October 31 Deadline

HMRC has warned thousands of people about an upcoming deadline, which requires action within weeks to avoid a £100 fine.

Coins on HMRC Papers

£100,000 Lump Sum Cap Leaves Pensioners Facing Mortgage Crisis

Pensioners face uncertainty as the government considers cutting the tax-free withdrawal limit from £268,750 to £100,000.

Senior Pensioners Receiving Help With their Finances

UK Workers May Face £450 Loss in Upcoming Budget

Millions of UK workers could be £450 worse off if Labour raises National Insurance in the upcoming Budget, reversing a previous tax cut.

Uk Workers May Face £450 Loss In Upcoming Budget

State Pensioners Alerted to £665 Tax Bill by HMRC

State pensioners are being warned by HMRC that they could be hit with a £665 tax bill, which includes those who have lost Winter Fuel Payments.  

Old Lady Wearing Glasses Reading A Document With Cup Of Coffee Besides Her

Half a Million Tax Credit Claimants at Risk of Losing Payments Due to Universal Credit Changes

Nearly half a million tax credit claimants are at risk of losing their benefits as the government transitions all legacy benefit recipients to Universal Credit.

Universal Credit Document And Some British Coin

HMRC Warns Millions of Households About 48-Hour Automatic Fine

People must inform HMRC by October 5 to avoid automatic fines. Missed deadlines lead to escalating penalties up to £900.

HMRC Paper

£16 Billion Tax Cut on Pension Contributions Could Shrink Retirement Savings

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…

Woman In An Orange Sweater Sitting At A Desk With A Laptop And A Cup Of Coffee Nearby

Pension Experts Warn of Dire Consequences from Potential Raid on Tax-Free Cash

Experts warn that reducing tax-free pension cash could force retirees into debt, downsizing, or delayed retirement. With the October 30 budget looming, many have already made hasty financial decisions amid…

Government Announces £175 Payment for Vulnerable Pensioners This Winter – Do You Qualify?

Drivers Aged 50 or Over Could Face £1,061 Charge Under New Pay-Per-Mile Car Tax Bands

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.

Old Man In A Car With Hands On Steering Wheel

New Pay-Per-Mile Car Tax Could Cost Drivers £1,080 for ‘Average’ Mileage

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.

New Pay Per Mile Car Tax Could Cost Drivers £1,080 For 'average' Mileage

New Pay-Per-Mile Car Tax Bands to Begin at £190 for Families Starting October

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 UK Driving Laws Coming into Force in December 2024: What You Need to Know
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