Business news and opinion from Evans Weir > Tag: income tax

Our latest Autumn Tax briefing is now available to download here.

The Treasury and HMRC are reportedly looking at the removal of a ‘double tax break’ which currently enables families to inherit pension savings and not pay income tax or Inheritance Tax (IHT) on the proceeds. At present, families inheriting pension savings from somebody who dies before the age of 75 can withdraw funds and not pay any tax on the proceeds.

The freeze on income tax thresholds is creating a series of tax cliff edge situations for middle income earners according to analysts. The Chancellor has made clear that the income tax thresholds will not change for a ‘few years’ meaning thousands of people are finding themselves paying more tax as their pay increases move them into the next bracket or create effective tax rates through loss of other income streams.

So, now we know who the winner of the Conservative Party Leadership race and new Prime Minister is, what can we expect from them in terms of tax and spending?

It’s a fair question, especially if you’re on a fixed salary. It would be easy to think that you should just receive a set amount each month based on the total salary, less tax, divided by 12 for monthly pay or 53 for weekly payrolls. But the way tax is calculated is not that straightforward and there are various factors which mean your salary will vary by month. Needless to say, the overall salary amount you get paid over the year evens out to that net figure but it won’t arrive in neat even chunks, and here’s why.

The Chancellor, Rishi Sunak, delivered his 2022 Spring Statement on 23rd March, reducing fuel duty and making some concessions on taxes. Read more and download our FREE Guide here.

Limited companies have always been a very tax efficient vehicle for companies and their Directors, but various changes in other taxes and allowances mean this may not continue to be the case.

Over twelve million people are now required to submit a tax return and with that number growing each year, more and more people are coming to the process for the first time. The rise in AirBnB lettings, self-employment, the ‘gig economy’ and people having multiple sources of income are the factors driving more taxpayers to self-assessment.

The rumblings of an emergency budget seem to be getting louder as we begin to emerge from lockdown. Undoubtedly, now is the time for Chancellor, Rishi Sunak, to start considering the sizeable task of recovering the economy and paying back the WW2 scale borrowing that has underpinned the bailout of businesses and individuals. It is […]