Don’t look a gift horse… People come up with all kinds of ways of trying to avoid tax on income. HMRC will usually challenge anything they see as unreasonable tax avoidance or, worse still, tax evasion. A classic example of this has been heard by the Tax Tribunals recently, involving a lawyer working for the
Tax thresholds Currently, income tax rates and thresholds (except in Scotland) are set to remain unchanged for 2024/25. The Personal Allowance (PA), below which income is not taxed, is £12,570. The higher rate threshold at which 40%tax kicks in is £50,270 and top rate tax (45%) begins when income exceeds £125,140. Scotland has different tax
Taxation With the government’s time taken up in dealing with economic issues such as high inflation and public debt, we are not expecting any significant tax announcements until the Budget, due to be held next March. The General Election is likely to be held later next year, so this Budget may well contain a lot
The increase means the full new state pension will rise by £900 to £11,501 – edging closer to the basic rate income tax threshold The state pension is expected to rise by at least 8.5 per cent under the triple lock in April 2024. However, hundreds of thousands of pensioners won’t feel the full benefit.
Approximately 40% of the penalties collected for late-filing of income tax self-assessment returns are attributed to individuals who do not have any income tax liability whatsoever. This intriguing statistic underscores the importance of understanding the tax regulations. A significant portion of those facing penalties might not have been aware of their obligation to file a
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