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Inflation and frozen tax bands mean that more than one million people will pay the higher rate of tax by 2027, new figures released by HMRC show.
The tax authority is forecasting that 1.13 million people will be pulled above the 40% tax threshold by 2027/28, as wages rise quickly and tax bands stay at the same level.
For many contractors, the Christmas break finished as quickly as it started. A whirlwind few days of stressed-out travelling and mince pie gorging is all that your average contractor can expect before its back to work.
But the New Year period does offer some space for quiet reflection.
Many contractors will have set New Year’s Resolutions and many of these will have centred on money.
From April 2016 Umbrella Company Workers in Scotland could be subject to different rates of Income Tax (PAYE) than other umbrella company workers in the rest of the UK. This follows new legislation via The Scotland Act 2012.
No huge shocks with duty increases on high value home purchases and the usual culprits: beer, tobacco and petrol!
Income Tax and Personal Allowances. No change to rates previously announced. The changes previously announced mean the following changes from 6th April 2010:
Revealed on Thursday, the Chancellor’s new plan to ‘restore stability’ and ‘build long-term prosperity’ will involve billions of pounds of tax rises and spending cuts.
It comes at a time when many households are already struggling with higher prices and falling real incomes. So what does the Autumn Budget mean for you and your family?
A new report has recommended that income tax and national insurance contributions (NICs) should be brought closer together in order to make a tax system that is fit for the future.
However, some fear that the exercise in simplification could lead to a system of winners and losers, with some paying more in taxes and others paying less.
One of the biggest losers under the new system is likely to be some self-employed people, who benefit under the current system of NICs.
The report from the Office of Tax Simplification (OTS) lays out a seven-stage programme for bringing national insurance more in line with income tax.
The headline recommendation is for NICs to be paid on an annual, cumulative and aggregate basis, instead of the current system where NI is calculated weekly or monthly.
From November 2014 HMRC are issuing 24 million personal tax summaries showing the tax you have paid and how it was spent. You should receive a tax summary automatically if you have paid any income tax in the prior tax year.
As with most budgets there is good and bad news! Here we look at the changes that are most likely to effect people contracting in the UK.
