Taxation

Households Little House With Some British Coin And Council Tax File

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

Taxation

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…

Council Tax Relief: DWP Benefits That Could Make Your Bill Disappear Completely
- Taxation
- News
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…
Chourouk Derkaoui 13/11/24
Savers at Risk of Facing ‘Triple Tax’ on Pensions, Raising Concerns About Future Retirement Savings
- Taxation
- Retirement
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…
Lydia Amazouz 13/11/24
HMRC Alters Late Payment Charges and Refund Rates for Taxpayers
- Taxation
- News
His Majesty's Revenue and Customs (HMRC) reviewed late tax payment and refund costs in response to a Bank of England comment.
Chourouk Derkaoui 08/11/24
Inheritance Tax is Set to Rise to 91%, as UK Households are Urged to Rethink Their Pension Plans
- News
- Taxation
Households are advised to consider their pension plans in detail before the 2027 Inheritance Tax adjustments come into force.
Chourouk Derkaoui 07/11/24
Labour’s Hidden Tax Plan is Set to Burden Households with An Additional £16,000
- Taxation
- News
Rachel Reeves' proposed freeze on the tax threshold could cost families more than £16,500, with analysis revealing hidden financial burdens.
Arezki AMIRI 24/10/24
Surge in Tax-Free Pension Withdrawals as Autumn Budget Fears Mount
- Taxation
- News
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.
Arezki AMIRI 18/10/24
UK Firms Warn National Insurance Hike Could Jeopardise Jobs and Wage Growth
- Economy
- Employment
- Taxation
UK employers are concerned that higher national insurance could make it harder to hire and raise wages, affecting pubs and restaurants.
Lydia Amazouz 15/10/24
HMRC Crackdown on Gifting Rules: Families May Face Higher Inheritance Tax
- Taxation
- News
Labour’s inheritance tax reforms could tighten gifting rules, leaving families facing higher taxes on gifts made years before death.
Arezki AMIRI 15/10/24
Rachel Reeves Claimed £1,225 in Taxpayer Money for Accountancy Fees
- Economy
- Taxation
Chancellor Rachel Reeves faces criticism for claiming £1,225 in expenses for tax return help, reigniting debate over MPs' taxpayer-funded privileges.
Arezki AMIRI 13/10/24
Electric Vehicles Face New Tax Rules in 2025 — Who Will Pay and When?
- Taxation
Major tax changes for electric vehicles in the UK will begin on 1 April 2025 and will affect both newly registered and older vehicles.
Arezki AMIRI 11/10/24
HMRC Warns Thousands of Households About £100 Fine Ahead of October 31 Deadline
- Taxation
- Social Welfare
HMRC has warned thousands of people about an upcoming deadline, which requires action within weeks to avoid a £100 fine.
Chourouk Derkaoui 11/10/24
£100,000 Lump Sum Cap Leaves Pensioners Facing Mortgage Crisis
- Retirement
- Taxation
Pensioners face uncertainty as the government considers cutting the tax-free withdrawal limit from £268,750 to £100,000.
Lydia Amazouz 11/10/24
UK Workers May Face £450 Loss in Upcoming Budget
- Taxation
Millions of UK workers could be £450 worse off if Labour raises National Insurance in the upcoming Budget, reversing a previous tax cut.
Arezki AMIRI 10/10/24
State Pensioners Alerted to £665 Tax Bill by HMRC
- Taxation
- Retirement
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.
Chourouk Derkaoui 10/10/24
Half a Million Tax Credit Claimants at Risk of Losing Payments Due to Universal Credit Changes
- Taxation
- Social Welfare
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.
Chourouk Derkaoui 07/10/24
HMRC Warns Millions of Households About 48-Hour Automatic Fine
- Taxation
- News
People must inform HMRC by October 5 to avoid automatic fines. Missed deadlines lead to escalating penalties up to £900.
Chourouk Derkaoui 03/10/24
£16 Billion Tax Cut on Pension Contributions Could Shrink Retirement Savings
- Taxation
- Retirement
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…
Chourouk Derkaoui 01/10/24
Pension Experts Warn of Dire Consequences from Potential Raid on Tax-Free Cash
- Social Welfare
- Taxation
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…
Arezki AMIRI 25/09/24
Drivers Aged 50 or Over Could Face £1,061 Charge Under New Pay-Per-Mile Car Tax Bands
- Taxation
- Mobility
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.
Lydia Amazouz 24/09/24
New Pay-Per-Mile Car Tax Could Cost Drivers £1,080 for ‘Average’ Mileage
- Taxation
- Mobility
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.
Lydia Amazouz 20/09/24
New Pay-Per-Mile Car Tax Bands to Begin at £190 for Families Starting October
- Mobility
- Taxation
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...
Lydia Amazouz 14/09/24
HMRC Issues Warning to Those with £7,500 Sitting in Savings Accounts
- Taxation
People with £7,500 in their savings accounts have been warned about an unexpected HMRC tax. A personal finance expert has revealed key errors and hazards in the savings account procedure...
Lydia Amazouz 07/09/24
New Pay-Per-Mile Tax Likely to Push One in Three Drivers to Sell Their Vehicles
- Taxation
- News
Many petrol and diesel drivers could be forced to ditch their vehicles and switch to other modes of transport as new pay-per-mile tax changes are set to be introduced. New...
Lydia Amazouz 05/09/24
New Vehicle Tax Charges Set to Hit Motorists with Massive Costs
- Mobility
- Taxation
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...
Lydia Amazouz 11/08/24
UK Households Could Receive 100% Reduction in Council Tax, Bringing Bills Down to £0
- Taxation
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...
Chourouk Derkaoui 10/08/24
HMRC Urges Investors to Report Crypto Gains Amid Tax Crackdown
- Taxation
- Cryptocurrency
UK investors are being reminded by HM Revenue & Customs (HMRC) to report and pay tax on crypto benefits they may have overlooked. HMRC Sends Warning Letters to Cryptocurrency Investors...
Chourouk Derkaoui 10/08/24
Parents Could Receive £5,000 Parental Tax Allowance Under New HMRC Proposal
- Taxation
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...
Lydia Amazouz 10/08/24
Are You Gifting Money to Your Children? Beware of This Hidden Tax Trap
- Taxation
- News
Caution parents gifting their children money, as there could be an increase in inheritance tax bills, said professionals. Under present rules, individuals can make gifts of up to £3,000 per...
Arezki AMIRI 03/08/24
Final Call: Tax Experts Urge Action Before HMRC Self-Assessment Deadline Today, July 31!
- Taxation
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...
Chourouk Derkaoui 31/07/24
HMRC Sends Letters Warning 560,000 Taxpayers They May Owe £3,000 Each
- Taxation
HMRC, the government's tax authority, is set to send an important tax letter to hundreds of thousands of UK residents this month urging them “not to ignore it”. UK Households...
Chourouk Derkaoui 24/07/24
Millions of UK Pensioners to Be Hit by New “Retirement Tax” Under Labour’s Frozen Threshold
- Social Welfare
- Taxation
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....
Arezki AMIRI 18/07/24
UK Pension Holders Benefit from Tax Savings Through ‘Backdate’ Loophole
- Taxation
UK pension holders and those with employer-contributed workplace pensions, as well as other private pension plans, have been notified of a smart tax-saving “backdate” strategy. Maximize Your Pension Tax Savings...
Chourouk Derkaoui 11/07/24
UK Labour’s Election Victory: What It Means for Pensions, Taxes, and More
- Economy
- News
- Social Welfare
- Taxation
Sir Keir Starmer led Labour Party has swept to victory, had a clear majority to form the next government. Starmer speaking on the ability in the just accomplished electoral stated...
Arezki AMIRI 06/07/24
Failure to Report Changes Could Cost Tax Credit Claimants Up to £3,000, Warns HMRC
- Taxation
- Social Welfare
Individuals who have benefited from tax credits are being reminded to report any changes in their situation to HM Revenue and Customs (HMRC) before 31 July to avoid facing a...
Arezki AMIRI 05/07/24
Workers Urged to Check if they May Qualify for an HMRC Tax Refund – Here’s How to Claim
- Taxation
- Social Welfare
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...
Arezki AMIRI 04/07/24
Married Couples Could Miss Out on Lump Sum from Marriage Tax Allowance
- Taxation
Married couples might be missing out on the marriage tax allowance due to difficulties in applying for it or simply being unaware they are eligible. It is estimated that two...
Lydia Amazouz 29/06/24
Pensioners Warned by HMRC of Impact from Surge in Highest-Rate Taxpayers
- Taxation
The number of people who pay the top rate of income tax in the UK, set at 45%, is expected to surpass 1 million for the first time this year....
Lydia Amazouz 28/06/24
HMRC Issues Urgent One-Month Tax Warning Impacting Up to 4.25 Million People
- Taxation
Nearly 4.5 individuals are being warned they could face a one-month deadline to submit their tax payments. Self-employed workers have only a few weeks to get their taxes in order....
Lydia Amazouz 25/06/24
UK Pensioners to be Hit by Rising Taxes Under Labour and Conservative Party Rules
- Taxation
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...
Arezki AMIRI 23/06/24
Council Tax Bills to Surge by £600, Pushing UK Households into Financial Strain
- Taxation
Council tax bills are expected to climb by £600 per year, delivering a cost-of-living shock to millions of households throughout the UK. Council Tax Warning: Funding Crisis Looms for Local...
Lydia Amazouz 21/06/24
Millions of UK Households Could Face an Extra Council Tax Hike After July
- Taxation
Millions of UK households could face a council tax increase after July. The Labour Party's Wes Streeting has refused to rule out a council tax increase if it wins the...
Lydia Amazouz 17/06/24
HMRC to Fine Households £360 Unless They Use One of These 10 Excuses
- Taxation
HMRC is fining households throughout the UK up to £360 for failing to meet their self-assessment tax deadline. Every year, millions of people who are self-employed, own businesses, or just...
Lydia Amazouz 15/06/24
HMRC to Give £450 to Workers with Specific Payslip Code in Election Promise Reform
- Taxation
Following two National Insurance cuts earlier this year— one in February and another in April— totaling an average of £900 altogether, Rishi Sunak has committed to providing an additional average...
Lydia Amazouz 11/06/24
Labour Drops Pension Tax Plans Amid Concerns Over Financial “Black Hole”
- Taxation
- Social Welfare
The Labour Party has reversed its decision to bring back the Lifetime Allowance on pensions, a measure originally estimated to generate £800 million in tax revenue. This reversal led to...
Arezki AMIRI 10/06/24
Reform UK Sets Out Bold Plan to Raise Income and Inheritance Tax Thresholds
- Economy
- Taxation
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...
Arezki AMIRI 10/06/24
UK Households to Face £800 Annual Tax Increase, Warns Thinktank
- News
- Taxation
A leading think tank is warning that ‘hidden in plain sight’ tax rises could cost British households £800 a year, regardless of who wins the election. Frozen Tax Thresholds Push...
Arezki AMIRI 08/06/24
State Pensioners to Pay Tax for First Time in History if Labour Wins, Says Rishi Sunak
- Taxation
- News
Rishi Sunak asserted that under a Labour government, state pensioners would be taxed ‘for the first time in history’ during Tuesday night's televised election debate. Sunak made his remarks based...
Arezki AMIRI 05/06/24
Inheritance Tax Overhaul Hits Thousands in Britain: Dubbed ‘Most Unfair’ Reform Yet
- Taxation
Experts are warning taxpayers not to risk losing their hard-earned money to the "most unfair tax in Britain". The controversial levy is no other than the inheritance tax (IHT), which is levied...
Lydia Amazouz 30/05/24
Tax Hikes Expected Post-UK Election Unless Fiscal Rules are Overhauled, Warns Thinktank
- Taxation
The next government will be required to hit voters with post-election tax increases and delay net-zero investment unless it is willing to scrap Treasury guidelines for managing public finances, according...
Lydia Amazouz 09/05/24

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.