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.... Then there’s the fact that debt remains extraordinary cheap, and thus tax-efficient for the corporate borrower. With an obvious reference to Kraft, whose Brazilian billionaire backers at 3G have usually funded their takeovers with huge borrowings, he says: “To buy a company by overleveraging it, and having the taxpayer pay for it in deductions on income tax, doesn’t strike me as in the best interest of a country. ... [Read full article on Guardian ]
Saturday 20th of May 2017 03:00:28 PM
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....Our survey found that someone earning £100,000 in the UK in effect loses about 34. 3% of their pay to HM Revenue & Customs once personal allowances, income tax and national insurance are taken into account. ... [Read full article on Guardian ]
Saturday 27th of May 2017 06:00:20 AM
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. At the moment the ALP is having a fight over the merits of a Buffett rule for income tax. ... [Read full article on Guardian ]
Wednesday 24th of May 2017 08:02:21 PM
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Latest Finance News related to Income Tax

What's better than a Buffett rule? Labor's Buffett rule by stealth | Greg Jericho image
. At the moment the ALP is having a fight over the merits of a Buffett rule for income tax. ...
Paul Polman: ‘I could boost Unilever shares. But cutting costs is not our way’ image
.... Then there’s the fact that debt remains extraordinary cheap, and thus tax-efficient for the corporate borrower. With an obvious reference to Kraft, whose Brazilian billionaire backers at 3G have usually funded their takeovers with huge borrowings, he says: “To buy a company by overleveraging it, and having the taxpayer pay for it in deductions on income tax, doesn’t strike me as in the best interest of a country. ...
The tax that pensioners should pay to fund care image
Source : Guardian [Read Article] Saturday 20th of May 2017 05:59:17 AM
.... The older generation have benefitted from spectacular – and largely unearned – increases in the value of their property. Why should younger working people, through income tax, pay for the galloping costs of elderly care when they can’t even dream of affording to buy a home themselves? Doesn’t it make more sense to instead take the money out of the congealed wealth sitting in property? And, indeed, there can be no justification for the state protecting the inheritances of the well off by taxing hard-pressed working people. ...
May's manifesto is birth of third way Conservatism image
Source : Guardian [Read Article] Thursday 18th of May 2017 01:15:48 PM
....The glacial pace of deficit reduction means that the 2017 manifesto is far more cautious in its tax pledges than the one produced by David Cameron two years ago. Back then, when the opinion polls were suggesting a hung parliament, Cameron pledged no increase in income tax rates, national insurance contributions or VAT. ...
Conservative manifesto: Theresa May targets mainstream Britain' image
Source : BBC [Read Article] Wednesday 17th of May 2017 09:26:25 PM
....Launching the Conservative manifesto, Mrs May said a strong economy and delivering Brexit were top priorities. The manifesto drops the 2015 pledge not to raise income tax or National Insurance and has big changes to social care funding in England. ...
Labour manifesto: Extra £48.6bn in tax revenue to fund pledges image
....Leader Jeremy Corbyn said the manifesto - including billions for schools and the NHS and an expansion of free childcare - was a "programme of hope". The income tax rate would rise to 45p for earnings above £80,000 and then to 50p in each pound earned over £123,000. ...
Labour reveals 'fat cat' tax pledge aimed at reining in excessive pay image
....The policy will be accompanied by Corbyn unveiling a plan to raise £4. 5bn by increasing income tax for those earning more than £80,000 – almost one million people – with experts suggesting a 45% rate, which is currently imposed on salaries above £150,000. ...
General election 2017: Labour 'plans water industry nationalisation' image
.... . They have been clear that they will increase income tax for the wealthiest 5% of taxpayers earning more than £80,000 a year and increase corporation tax by 19% to 26%. ...
General election 2017: Lib Dems would end public sector pay squeeze image
....Speaking to the Royal College of Nursing conference in Liverpool, the Liberal Democrat leader also promised to restore bursaries for students nurses. He said his party would give the health service the funding it needed by adding 1p on income tax in order to raise an extra £6 billion. ...
Battle ground image
Source : BBC [Read Article] Sunday 14th of May 2017 01:14:58 AM
....Where the government decides to get its money is important because it determines who is being made worse off. The biggest chunk of overall revenue - about 40% - comes from income tax and national insurance contributions, both of which are based on your earnings. ...
Five-minute guide to Tory's manifesto pledge on fuel image
Source : Daily Express [Read Article] Sunday 14th of May 2017 12:01:00 AM
.... Since then, five of the so-called “Big Six” energy firms have hiked their prices by up to 37 per cent. The PM is tapping into people’s concerns, as voters name energy bills their number one personal finance priority for the next government, followed by income tax and the cost of elderly care, according to research from CompareTheMarket. ...
Buy-to-let landlords suffering tax increases plan to raise rents  image
Source : Daily Express [Read Article] Saturday 13th of May 2017 05:27:00 PM
....But now many are set to scale back, which could hit tradesmen and other professionals in the property industry, said Kent Reliance. It comes after relief on borrowing costs has been reduced to the basic rate of income tax, and over the next three years will be cut to zero. ...
Labour has big spending ideas, but no plan to earn our trust | Phillip Inman image
....Mainstream voters also don’t want to be taxed at a higher rate. McDonnell says that for the vast majority, taxes will remain the same, which is true: his new income tax threshold would start at £80,000 and VAT will be frozen. ...
Labour's stealth pension tax RAID: Corbyn's plans set to hit retirement savers  image
....However, this is set to have big implications on pension saving. This is because tax relief is based on income tax rates. ...
Federal budget 2017: the 10 graphs you need to see | Greg Jericho image
Source : Guardian [Read Article] Tuesday 9th of May 2017 10:39:56 AM
.... Yes such people will now be paying an extra 0. 5% points on the Medicare levy, but so will most other taxpayers, and no one else is getting an income tax cut to more than offset the impact. ...
Labour looks at  new tax bracket for those earning £80k-£150k image
Source : Guardian [Read Article] Sunday 7th of May 2017 10:20:48 AM
....John McDonnell hinted that a Labour government would introduce tax rises on those paying the top rate of tax – at £150,000 and above – and that Labour’s biggest tax increases would be reserved for the richest. The shadow chancellor said those most affected by income tax increases would be “the 1% at the top”, a figure that roughly equates to the proportion already on the highest, 45% rate, of income tax. ...
Five minute guide to ever-increasing inheritance tax  image
Source : Daily Express [Read Article] Sunday 7th of May 2017 12:01:00 AM
....You can also gift much larger sums, known as potentially exempt transfers, but these become fully IHT free only if you live for another seven years. If the nil-rate band is exceeded, Isas are liable to IHT, but you can pass on your pension free of death duty if you die after age 75, although beneficiaries may pay income tax on the money. ...
General election 2017: Lib Dems pledge winter fuel cuts to protect pensions image
....Under the proposals, an estimated 600,000 pensioners with annual incomes above about £45,000 - 5% of those under 80 and 2% of over-80s - would lose the winter fuel payment, saving the Treasury around £105m. Earlier, the Liberal Democrats pledged to raise an additional £6bn a year to improve the health and social care system with a penny-in-the-pound rise on all income tax bands and on dividends. ...
General election 2017: Tax lock is bad policy, says IFS image
Source : BBC [Read Article] Monday 1st of May 2017 12:20:26 PM
. Politicians should avoid any election pledges on a "tax lock" which would rule out rises across three major taxes - income tax, National Insurance and VAT - a think tank has said. ...
General election: May paves way for end to pledges on NI and income tax image
. Theresa May is likely to abandon the Tories’ “triple tax lock” commitment and has ruled out increases to VAT, but signalled that she could allow a future Conservative government to raise national insurance and income tax. ...
General election 2017: May says Tories would not raise VAT image
Source : BBC [Read Article] Sunday 30th of April 2017 09:26:03 AM
....Theresa May says a Conservative government will not raise VAT if she wins the general election. But the PM declined to back a 2015 Tory pledge that also ruled out rises in income tax and National Insurance. ...
Pensioners will carry on hoarding cash if state won’t step in image
Source : Guardian [Read Article] Saturday 29th of April 2017 04:00:03 PM
....A spokesman for the Organisation for Economic Cooperation and Development (OECD), the Paris-based thinktank, said last week that the answer for Britain was to means-test the basic pension. An alternative would be to design an income tax system specifically for the country’s 12 million pensioners; one that increases the tax burden for the third who have more than enough money to enjoy their retirement. ...
Poor working families face big losses from benefit cuts, says IFS image
Source : Guardian [Read Article] Thursday 27th of April 2017 04:57:27 PM
.... Pensioner households are mostly protected from future benefit cuts. Tom Waters, a research economist at the IFS, said: “As suggested by the 2015 Conservative manifesto, the government have announced income tax cuts that mostly benefit middle- and higher-income households and working-age benefit cuts that mostly hit lower-income households. ...
Pensions triple lock: what you need to know image
Source : Guardian [Read Article] Thursday 27th of April 2017 01:39:07 PM
.... “Giving less [pension] to the people at the top would free up resources to increase general benefits,” he said. Another proposal would be to tax pensioners based on income tax thresholds specially designed for people of pensionable age. ...
Theresa May weighing up cheaper 'double lock' for pensions image
Source : Guardian [Read Article] Wednesday 26th of April 2017 09:00:47 PM
....The Conservatives believe that their commanding poll lead, and the fact that most people have less confidence in Labour’s economic competence, creates the political space for them to wriggle out of some of the most costly pledges in the 2015 manifesto. Philip Hammond, the chancellor, created a stir last week when he appeared to suggest that the party would not repeat the sweeping promises it made in 2015 not to increase income tax, national insurance or VAT. ...
Trump under fire over 'huge tax cut for the rich' image
Source : Guardian [Read Article] Wednesday 26th of April 2017 06:35:17 PM
....Critics immediately called it “basically a huge tax cut for the rich”. The plan would cut the US’s individual income tax brackets from seven to three (10%, 25% and 35%) and slash US corporate tax rates from 35% to 15%. ...
Hard tackling image
Source : BBC [Read Article] Wednesday 26th of April 2017 11:25:54 AM
.... . The star would then pay corporation tax at a lesser rate than income tax. ...
Arrests as Newcastle and West Ham raided in £5m tax probe image
Source : BBC [Read Article] Wednesday 26th of April 2017 09:26:01 AM
....HM Revenue and Customs (HMRC) deployed 180 officers across the UK and France. The BBC understands the suspected income tax and National Insurance fraud amounts to £5m. ...
Stock markets surge to new highs ahead of Trump's tax reform plan image
Source : Guardian [Read Article] Tuesday 25th of April 2017 05:35:25 PM
.... The index was boosted by technology giants such as Amazon, Apple, Microsoft, Google and Facebook, which will be among the main beneficiaries of any Trump tax reforms. The president’s long-awaited announcement is now expected on Wednesday, with suggestions of a cut in corporation tax from 35% to 15% and possible reductions in income tax rates, particularly for middle-income earners. ...
Government deficit at lowest since financial crisis, says ONS image
Source : BBC [Read Article] Tuesday 25th of April 2017 09:21:26 AM
...."The chance that the Autumn Budget contains net tax rises - like all of the last six post-election Budgets have done - is very high," Mr Tombs said. Mr Hammond hinted last week the Conservative party may drop its 2015 pledge not to raise income tax, national insurance or VAT. ...
Philip Hammond signals ditching of Tory 'no tax rise' pledge image
Source : Guardian [Read Article] Friday 21st of April 2017 12:58:04 PM
. Philip Hammond has given a strong hint that the Conservatives may ditch their pledge not to raise VAT, national insurance or income tax, saying the flagship 2015 policy had constrained his ability to manage the economy. ...
With a whiff of sulphur, George Osborne was gone – but for how long? | Polly Toynbee image
.... Instead, he gave out a mammoth £40bn in tax cuts to business and the better-off, in needless capital gains cuts and in this month’s new £1m inheritance tax threshold. His craftiest tax cut was in the popular raising of income tax thresholds labelled as helping the low-paid, though three quarters of the phenomenal cost goes to rewarding higher earners. ...
Reality Check image
Source : BBC [Read Article] Wednesday 19th of April 2017 01:31:06 PM
....Reality Check verdict: The government is very reliant on richer people for its funding. More than a quarter of income tax is paid by the 1% of taxpayers with the highest incomes. ...
Dulux owner reports 'record performance' image
Source : BBC [Read Article] Wednesday 19th of April 2017 07:04:29 AM
.... . Earnings before income tax climbed 13% year-on-year to 376m euros (£314m), while sales were up 7% at 3. ...
Care homes charging for rooms after residents die, watchdog finds image
Source : Guardian [Read Article] Monday 17th of April 2017 01:09:18 PM
.... There should be a lifetime cap on fees for the individual. Their income tax could be reduced during the years a person was in care. ...
Five pension tax mistakes that could hit YOUR nest egg image
Source : Daily Express [Read Article] Friday 14th of April 2017 06:01:00 AM
....4. Taking tax free cash when you don’t pay taxFor anyone under the current personal income tax allowance of £11,500 for 2017/18, it may not make sense to take tax-free pension cash if the allowance hasn't been used up. ...
UK inflation stays at three-year high of 2.3% image
Source : Guardian [Read Article] Tuesday 11th of April 2017 10:42:20 AM
....The Treasury said it was also taking action. “We are building an economy that works for everyone and helping families with the cost of living by cutting income taxes for 31 million people, freezing fuel duty and increasing the national living wage to £7. ...
Government 2.2% savings bond goes on sale image
Source : BBC [Read Article] Tuesday 11th of April 2017 08:00:16 AM
....Two years ago, so-called pensioner bonds offered a return of up to 4%. The interest will be subject to income tax, although basic rate taxpayers can earn £1,000 a year in savings interest without paying tax. ...
Trump tax cut plan will be as big a flop as failed healthcare reforms | Nouriel Roubini image
.... Their attempt to replace an imperfect but popular law with a pseudo-reform that would deprive more than 24 million Americans of basic healthcare was bound to fail – or sink Republican members of Congress in the 2018 midterm elections if it had passed. Now Trump and congressional Republicans are pursuing tax reform, starting with corporate taxes and then moving on to personal income taxes, as if this will be any easier. ...
Greece agrees basic terms to unlock delayed bailout image
Source : BBC [Read Article] Friday 7th of April 2017 03:14:32 PM
.... . The main elements in the latest agreement are commitments to reduce spending on pensions from 2019 and to collect more income tax from 2020 by lowering the tax-free threshold. ...
Landlord tax changes come into effect TODAY: 'Renting will be more expensive', say critics image
....Two-thirds of landlords plan to increase rents as tax relief for mortgage interest is cut by the Government, research from the Residential Landlords Association (RLA) showed. Relief on borrowing costs has been reduced to the basic rate of income tax, and over the next three years cut to zero, which will erode returns for landlords and discourage property investment, said the trade group. ...
Lifetime ISA: Everything you need to know about the new LISA savings account  image
Source : Daily Express [Read Article] Wednesday 5th of April 2017 12:55:00 PM
....If you are buying outside of London, you can also use the Lifetime ISA for properties up to the value of £450,000, while Help to Buy has limits of up to £250,000 outside of the capital. Is it better to use a LISA or pension scheme to save for retirement?A benefit of the LISA is that all savings can be taken tax-free compared to pensions where only 25 per cent of savings can be taken before income tax must be paid. ...
Welfare shakeup 'will push a quarter of a million children into poverty' image
.... It is expected to save £1bn a year for the Treasury by 2021. Also coming this week is a freeze to working age benefit levels at a time when, according to the Resolution Foundation, the wealthiest will benefit from over £2bn a year in income tax cuts. ...
Black market image
Source : BBC [Read Article] Saturday 1st of April 2017 11:30:24 PM
....Tea was one of the most important items illegally brought into Britain in the 18th Century - everybody wanted to drink it, but most could not afford it at the official price. In an age before income tax, tea duties accounted for 10% of government revenues, which was enough to pay for the Royal Navy, but as tariffs on it reached 119% it gave smugglers their chance. ...
Osborne’s huge tax giveaway starts for rich – as the poor are hit image
Source : Guardian [Read Article] Saturday 1st of April 2017 11:05:38 PM
....The richest will reap 80% of the rewards from the tax and benefit changes that start to come into effect this week, while the poorest will become worse off, according to detailed analysis by the Resolution Foundation. The independent thinktank’s research shows that the effect of £2bn of income tax cuts and more than £1bn of welfare cuts will add up to a huge transfer of wealth from low- and middle-income households to richer ones. ...
Mortgage tax relief cut doesn’t add up for buy-to-let landlords image
Source : Guardian [Read Article] Saturday 1st of April 2017 06:00:17 AM
.... But this interest relief is being slashed from the current 100% to zero, the change being phased in gradually between April 2017 and April 2020. What will happen instead is that the income tax on someone’s property profits and any other income sources will be totted up, and they will then be granted a “tax credit” worth 20% of the mortgage interest cost to offset against income tax. ...
Why Scott Morrison needs to ignore armchair treasurers before the budget | Greg Jericho image
....But as do footy coaches, treasurers also have to deal with armchair experts – those who played in years past and who still think the old ways are the best. Morrison has no shortage of advice from those on his side of politics such as former Howard government adviser, Niki Savva, who this week suggested the way to tackle housing affordability was to dump the $40bn worth of company tax cuts and instead cut income taxes. ...
Why becoming a tax haven would be bad news for Britain image
Source : Guardian [Read Article] Wednesday 22nd of March 2017 06:30:42 PM
....Almost without exception these places have no taxes on wealth, so inheritance taxes and capital gains taxes are absent. Some tax havens, such as Singapore, Jersey and Guernsey, have income taxes, even if top rates rarely exceed 20%. ...
Why robots should be taxed if they take people's jobs | Robert Shiller image
Source : Guardian [Read Article] Wednesday 22nd of March 2017 11:18:12 AM
....Discussion of a robot tax should consider what alternative we have to deal with rising inequality. It would be natural to consider a more progressive income tax and a “basic income”. ...
Eight tax changes savers should watch out for from April 2017 image
Source : Daily Express [Read Article] Tuesday 21st of March 2017 01:47:00 PM
....     Corporate bond funds change to paying gross interest. The Personal Saving Allowance (PSA) allows basic rate taxpayers to earn up to £1,000 in savings income tax-free, while higher rate taxpayers can earn up to £500. ...
U-turn over Budget plan to increase National Insurance image
Source : BBC [Read Article] Wednesday 15th of March 2017 12:30:48 PM
....Labour's Jeremy Corbyn said the U-turn showed a government "in chaos". Mr Hammond had faced a backlash by Conservative backbenchers last week, who accused him of breaking a general election manifesto commitment not to put up National Insurance, income tax or VAT. ...
Philip Hammond defends scrapping national insurance rise for the self-employed image
....Both the Treasury and No 10 insisted the decision, which leaves a £2bn hole in the chancellor’s budget plans over the next five years, had been taken jointly by May and Hammond. But at Westminster on Wednesday night some MPs insisted May had ordered her chancellor to drop the plans, fearing that breaking the party’s manifesto pledge to make “no increases in VAT, national insurance contributions or income tax”, would do too much damage to the Conservatives’ reputation. ...
Donald Trump's 2005 tax return leak reveals $38m bill image
Source : BBC [Read Article] Wednesday 15th of March 2017 02:38:18 AM
....The bill comprises $5. 3m in federal income tax and an extra $31m in what is called alternative minimum tax (AMT). ...
Pension tax warning: Savers in 'last chance' to use extra relief allowance before April 5 image
....People approaching retirement typically try to add as much as possible to nest eggs to benefit from tax relief. The annual contribution allowance has been reduced in recent years and is now capped at between £10,000 and £40,000, dependent upon income tax rates. ...
Bogus self-employment exploits workers and scams the taxman | Paul Mason image
.... But it would still leave an expanded pool of independent workers, low-paid and effectively self-insuring against sickness and maternity leave. In the long run, although Hammond’s tax grab is a bad idea, they should contribute more via NICs, get a form of social insurance in return, and fewer income tax breaks. ...
Savers and Pensions: How the Chancellor's spring BUDGET plans can affect you  image
Source : Daily Express [Read Article] Sunday 12th of March 2017 03:23:00 PM
....”. Also from the start of the new tax year, the personal allowance for England, Scotland, Wales and Northern Ireland climbs to £11,500, above which income tax is 20 per cent. ...
We will all need a stiff drink to swallow Hammond’s austerity image
Source : Guardian [Read Article] Sunday 12th of March 2017 07:00:17 AM
.... Underlying it all is the Conservative party’s obsession with shrinking the size of the state and minimising the so called “tax burden” – a “burden” which helps to ensure we have decent hospitals, schools and infrastructure generally. There can be little doubt that, on his own terms, the decision of Chancellor Lawson in the 1988 budget to bring the top rate of income tax down from 60% to 40%, and the basic rate from 27% to 25%, was what is known in the trade as a “game changer”. ...
Budget 2017: Self-employed 'tax raid' a 'rookie error' image
Source : BBC [Read Article] Saturday 11th of March 2017 09:22:56 AM
....Chancellor Philip Hammond's "tax raid" on the self-employed in the Budget has been described as a "rookie error" by former Tory chancellor Lord Lamont. He told the BBC the Conservative election pledge not to increase National Insurance, income tax and VAT was a "mistake". ...
MPs not appeased by May's decision to review self-employed tax hike image
Source : Guardian [Read Article] Friday 10th of March 2017 06:48:53 PM
....David Cameron was also dragged into the row, after a video clip from Thursday’s Iraq and Afghanistan memorial unveiling appeared to show him saying to the defence secretary, Michael Fallon: “Breaking a manifesto promise, how stupid can you get?”. But some MPs blamed Cameron and his chancellor, George Osborne, for making the sweeping pledge not to raise national insurance and income tax, come what may, as they approached the 2015 general election. ...
It’s not true that the top 1% pay 27% of tax | Letters image
Source : Guardian [Read Article] Friday 10th of March 2017 06:14:35 PM
.... No – this is wrong. The top 1% of earners pay 27% of income tax, but income tax raises just 27% of the UK’s total tax revenue. ...
Landlord tax: How to beat new buy-to-let charges coming in NEXT month  image
Source : Daily Express [Read Article] Friday 10th of March 2017 04:44:00 PM
. Buy-to-let returns are set to be eroded as mortgage interest tax relief is reduced to the basic rate of income tax over the next four years. ...
Trump faces formidable institutional obstacles – so what can he do? | Barry Eichengreen image
.... He has quickly discovered, like previous US presidents, that America’s political system is designed to prevent rapid, large-scale change, by interposing formidable institutional obstacles, from the Congress and career civil servants to state governments and the courts. Start with reform of personal income tax. ...
May defends 'fair' National Insurance rise amid criticism image
Source : BBC [Read Article] Thursday 9th of March 2017 08:28:31 PM
...." . The Conservatives' last general election manifesto explicitly ruled out rises in National Insurance, VAT and income tax during the lifetime of the current Parliament. ...
May and Hammond face serious Tory revolt over tax on self-employed image
Source : Guardian [Read Article] Thursday 9th of March 2017 04:59:51 PM
....One of these who is understood to have expressed private worries about the proposal is a cabinet minister. The concerns centre both on the perception that such a move unfairly targets the self-employed and entrepreneurial, and also that the 2015 Conservative manifesto specifically ruled out rises to income tax, VAT or NICs before 2020. ...
The shameless Tories have betrayed the self-employed – and themselves | John Harris image
.... And this one does, in spades. First of all, as proved by Hammond’s painful media rounds the morning after the budget, no amount of dissembling can disguise the fact that the NI hike is a brazen breaking of a 2015 Tory manifesto – “We can commit to no increases in VAT, income tax or national insurance” – which blurred out into no end of rhetoric about how the mere idea of pushing up national insurance was the stuff of economic calamity. ...
Institute for Fiscal Studies backs National Insurance increase image
Source : BBC [Read Article] Thursday 9th of March 2017 01:00:13 PM
....He said it was never sensible to pledge no change to taxes: "These were silly pledges. To commit yourself to not raising the three main taxes - income tax, NI and VAT - ties your hands to an absurd extent. ...
Budget 2017: manifesto row clouds chancellor's attempt at low-key package image
....The chancellor’s attempt at a low-key package threatened to be overshadowed by a row over whether the plan to bring NICs for the employed and self-employed into line would both stifle enterprise and break a commitment made by David Cameron in 2015. The Conservatives vowed there would be no increases in income tax, VAT or NICs for the duration of the 2015-2020 parliament and during the last election campaign senior Tories accused then Labour leader Ed Miliband and his shadow chancellor, Ed Balls, of plotting to raise NICs, “hitting hard-working taxpayers and costing jobs”. ...
Few will spot the difference in national insurance – at first | Patrick Collinson image
....But few expect him to tackle another anomaly in our tax system that grows worse year by year. Successive chancellors love to say how many millions of people they have lifted out of income tax, with Hammond reiterating that the threshold will rise to £12,500 in this parliament. ...
What the 2017 budget means for you image
Source : Guardian [Read Article] Wednesday 8th of March 2017 05:18:09 PM
.... Income £11k. 2016-17 The tax-free threshold was £11,000, meaning he paid no income tax as his earnings were within the current personal tax allowance. ...
Philip Hammond breaks manifesto pledge with budget tax grab image
Source : Guardian [Read Article] Wednesday 8th of March 2017 04:05:32 PM
....A Labour spokesman condemned what he called a “sole traders tax” – though the Treasury pointed out that the changes would only hit those whose profits exceeded £8,000, and many of those were due to benefit from a separate change due to take effect in April, which will see class two NICs, also paid by the self-employed, abolished. The Conservatives’ 2015 manifesto promised four times that the party would “not increase the rates of VAT, income tax or national insurance in the next parliament”. ...
Budget: Does NI rate rise break a pledge? image
Source : BBC [Read Article] Wednesday 8th of March 2017 03:04:52 PM
....Chancellor Philip Hammond has announced increases in the rate of National Insurance paid by self-employed workers. But in the Conservative Party's manifesto for the 2015 general election, it promised: "We will not raise VAT, National Insurance contributions or income tax". ...
Self-employed hit by national insurance hike in budget image
Source : Guardian [Read Article] Wednesday 8th of March 2017 02:24:49 PM
....”. However, the increase has triggered criticisms that the Conservatives are reneging on a 2015 manifesto pledge that committed the government “to no increases in VAT, income tax or national insurance” – while the reception from the business community was less than positive. ...
Budget 2017: Blow for pensioners as tax-free dividend allowance SLASHED image
Source : Daily Express [Read Article] Wednesday 8th of March 2017 01:44:00 PM
.... . The reduction in the allowance will increase the income tax payable on dividends for basic, higher and additional rate tax payers by £225, £975 and £1,143 respectively, according to experts. ...
Key points of the budget 2017 – at a glance image
Source : Guardian [Read Article] Wednesday 8th of March 2017 12:41:30 PM
....As expected, £11,500 for basic rate taxpayers. RM: This is a continuation of the Conservative-Liberal Democrat coalition government’s trend of raising the personal allowance to reduce income tax paid for all but the very highest earners. ...

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