The number of higher rate taxpayers will have to double, if government is to sustain budget changes that propose a higher personal tax allowance of £10,000, a leading accountancy firm has claimed. Read More
Posts Tagged ‘Income Tax’
Budget Changes may push 3m more lower rate taxpayers into higher tax net
Monday, June 28th, 2010June 2010 Budget – Principle First’s Budget Roundup
Tuesday, June 22nd, 2010
Chancellor George Osborne called it ‘the unavoidable budget’ but promised there would be no small print in his plan to clear the government’s budget deficit of £155bn over the next 4 years. Here is our summary of the June 2010 budget in easy to read points. Click headline above
June 2010 Budget changes set to increase Income Tax allowance by £1000
Tuesday, June 22nd, 2010Today’s June 2010 budget changes should include an increase of £1,000 in the personal Income Tax allowance for basic rate taxpayers. This increase in Income Tax allowance means that all those earning up to £37,400 will have their tax-free Income Tax personal allowance increased by 15.4%, from £6,475 to £7,475.
Taxman takes 30% of pension income in direct and indirect tax
Friday, April 30th, 2010
The average UK retired household pays out 30% of pension income to the taxman, according to new data published by insurer MetLife Europe.
UK pensioners lose this large slice of their pension income through a combination of direct and indirect taxes, which nets a total of £34 billion for the Revenue.
High earners tax may miss target
Thursday, March 11th, 2010Government plans to review tax on high earners could hit many on salaries lower than the £130,000 target group. Those who receive a performance-related bonus, for instance, could be subject to hefty tax recovery charges.
Tax matters: HMRC seeks Swiss bank name lists
Thursday, February 18th, 2010
A disk containing 1,500 names of Swiss bank account holders is being sought by Her Majesty’s Revenue Commissioners, to home in on UK citizens who may be guilty of tax evasion.
Protect your personal tax allowance
Wednesday, July 22nd, 2009Are you a high earner? Then being alert to certain aspects of your tax planning regime could save you a substantial sum. From next (tax) year, April 2010, new rules come into effect that you should be aware of. As of next April, if your salary is over £100,000, then you may wish to consider that you face a [...]
Investment bonds for growth or bond for income
Monday, May 25th, 2009Investment bonds have become much more popular in recent months as a vehicle for growth or income. With the decrease in interest rates and the decrease in income for many savers and investors, investment bonds have become a more popular investment vehicle for many. The ability to take a 5% income as a capital withdrawal [...]
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