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.
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.
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.
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.
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.
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.
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.
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.
£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.
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.
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.
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.
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.
£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…
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…
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.
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 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…
HMRC Issues Warning to Those with £7,500 Sitting in Savings Accounts
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…
New Pay-Per-Mile Tax Likely to Push One in Three Drivers to Sell Their Vehicles
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…
New Vehicle Tax Charges Set to Hit Motorists with Massive Costs
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 Could Receive 100% Reduction in Council Tax, Bringing Bills Down to £0
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…
HMRC Urges Investors to Report Crypto Gains Amid Tax Crackdown
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…
Parents Could Receive £5,000 Parental Tax Allowance Under New HMRC Proposal
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…
Are You Gifting Money to Your Children? Beware of This Hidden Tax Trap
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…
Final Call: Tax Experts Urge Action Before HMRC Self-Assessment Deadline Today, July 31!
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…
HMRC Sends Letters Warning 560,000 Taxpayers They May Owe £3,000 Each
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…
Millions of UK Pensioners to Be Hit by New “Retirement Tax” Under Labour’s Frozen Threshold
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.…
UK Pension Holders Benefit from Tax Savings Through ‘Backdate’ Loophole
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…
UK Labour’s Election Victory: What It Means for Pensions, Taxes, and More
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…
Failure to Report Changes Could Cost Tax Credit Claimants Up to £3,000, Warns HMRC
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…
Workers Urged to Check if they May Qualify for an HMRC Tax Refund – Here’s How to Claim
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…
Married Couples Could Miss Out on Lump Sum from Marriage Tax Allowance
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…
Pensioners Warned by HMRC of Impact from Surge in Highest-Rate Taxpayers
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.…
HMRC Issues Urgent One-Month Tax Warning Impacting Up to 4.25 Million People
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.…
UK Pensioners to be Hit by Rising Taxes Under Labour and Conservative Party Rules
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…
Council Tax Bills to Surge by £600, Pushing UK Households into Financial Strain
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…
Millions of UK Households Could Face an Extra Council Tax Hike After July
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…
HMRC to Fine Households £360 Unless They Use One of These 10 Excuses
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…
HMRC to Give £450 to Workers with Specific Payslip Code in Election Promise Reform
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…
Labour Drops Pension Tax Plans Amid Concerns Over Financial “Black Hole”
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…
Reform UK Sets Out Bold Plan to Raise Income and Inheritance Tax Thresholds
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…
UK Households to Face £800 Annual Tax Increase, Warns Thinktank
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…
State Pensioners to Pay Tax for First Time in History if Labour Wins, Says Rishi Sunak
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…
Inheritance Tax Overhaul Hits Thousands in Britain: Dubbed ‘Most Unfair’ Reform Yet
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…
Tax Hikes Expected Post-UK Election Unless Fiscal Rules are Overhauled, Warns Thinktank
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…
Pension Savers Warned of Imminent Reform with New Tax-Free Lump Sum Cap
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.…
UK Tax Return Late Filers Warned of Higher Penalties After May 1st Deadline
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…
HMRC Unveils New Tax Rules Affecting Workers, Including Travel Expenses and Emergency Call-Outs
The British citizens who are qualified for tax relief under HMRC’s new travel rules have been identified. Andy Wood, a tax expert, outlines the difficulties of tax relief for travel expenses…
HMRC Implements Daily £10 Fines for Unsubmitted Self-Assessment Tax Returns
Following the passage of a key deadline, HMRC has begun issuing £10 daily fines to anyone who have yet to complete their self-assessment tax return. HMRC Imposes Daily Fines for…
