Income Tax
All Quiet on the Tax Front
September 21, 2023With 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 of
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The state pension is expected to rise
September 18, 2023The 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.
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The regressive system of self-assessments
September 12, 2023Approximately 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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