An article by MoneyAge reveals that the average UK worker is on track to exceed the current pension Lifetime Allowance (LTA), which could mean they face a tax charge of up to 55% when they come to draw from their fund. One reason for this is that many workers are unaware of the value of … Continued

Following the increase in National Insurance contributions (NICs) in May 2022 and the chancellor’s “temporary” windfall tax on energy firms, taxation has featured heavily in 2022’s headlines. According to the Telegraph, British taxpayers are paying more to the Treasury than ever before, so much so that the tax burden could reach the highest levels since … Continued

The latest data from HM Revenue & Customs (HMRC) shows that the amount of Inheritance Tax (IHT) being paid by Britons continues to rise. Figures reveal that, between April 2021 and March 2022, the government received £6.1 billion from IHT, an increase of £700 million when compared to the same period a year earlier. While … Continued

As the cost of living continues to rise, it’s hardly surprising that the tax changes announced by the chancellor and prime minister in 2021 have come under close scrutiny. The changes came into effect on 6 April 2022 and aim to boost the UK’s coffers after record levels of borrowing during the early stages of … Continued

While it may already seem like a long time ago now, in the beginning of 2021 the UK was in lockdown as it dealt with Covid. At the time, the government was borrowing record amounts of money to prop up Britain’s economy, which, according to the Guardian, resulted in the UK’s total debt totalling £1.125 … Continued