Search Results for "Income Tax Revenue"

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Inheritance and tax

Inheritance and tax

As a general rule, an individual who inherits property, money or shares is not liable to pay tax on the inheritance. This is because any Inheritance Tax (IHT) due should be paid out of the deceased’s estate before any cash or assets are distributed

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What your tax code means

What your tax code means

Your tax code indicates your eligibility for the tax-free personal allowance. It includes various numbers and letters, each with specific meanings. Changes in your tax code can affect your personal allowance. Regularly checking your tax code is essential.

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Self-employed tax basis period reform

Self-employed tax basis period reform

The self-employed tax basis period reform has changed the way trading income is allocated to tax years. Under the reforms, the tax basis period has changed from a ‘current year basis’ to a ‘tax year basis’.

This means that all sole trader and

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Changes to Scottish Income Tax rates 2024-25

Changes to Scottish Income Tax rates 2024-25

For the 2024-25 tax year, Scottish Income Tax rates will change with a new 45% advanced rate band for income between £75,000 and £125,140. The top rate increased by 1p, and other rates remained the same. These changes aim to generate an extra £1.5 billion in revenue.

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More about emergency tax codes

More about emergency tax codes

The letters in an employee’s tax code signify their entitlement (or not) to the annual tax free personal allowance. The tax codes are updated annually and help employer’s work out how much tax to deduct from an employee’s pay packet.

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What a tax code means

What a tax code means

The letters in your tax code signify your entitlement (or not) to the annual tax free personal allowance. The tax codes are updated periodically and help employer’s work out how much tax to deduct from an employee’s pay packet.

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Tax on savings interest

Tax on savings interest

The UK’s 2023-24 tax relief measures include the Register of Overseas Entities and Personal Savings Allowance. These initiatives enhance transparency, encourage savings, and provide opportunities for taxpayers to rectify over payments, demonstrating the government’s commitment to fairness in the tax system.

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Tax on inherited private pensions

Tax on inherited private pensions

Inheriting private pensions involves grasping tax implications, nominations, and rules, considering the owner’s age and limitations for defined benefit pots. Managing it requires awareness of complexities and adherence to time limits.

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Beware higher rate tax on dividends

Beware higher rate tax on dividends

Readers are reminded that if the dividends they draw from their company, when added to their other income, exceeds the basic rate Income Tax Band, then much higher rates of dividend tax will apply.

The tax rates for dividends received (in excess of

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Income Tax – £5,000 savings zero rate band

Income Tax – £5,000 savings zero rate band

For the 2023-24 tax year, no tax on interest if income is under £17,570. Tapered relief for income between £12,570 and £17,570. Personal Savings Allowance (PSA) offers tax-free limits. Taxpayers overpaying on savings interest can reclaim within four years, with a deadline of 5 April 2024 for 2019-20 claims.

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Tax relief on pension contributions

Tax relief on pension contributions

Claim tax relief on private pensions, up to £60,000 annually (2023-24) with a three-year carry-forward. The lifetime limit was removed in April 2023. Relief, based on your tax rate (20-45%), is partially applied by employers. Higher-rate taxpayers can claim additional relief through Self-Assessment. Regional variations exist in Scotland.

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