Tax Saving Accountants

No Need for High-End Buyers to Worry About Mansion Tax

Buyers who were worried by a potential mansion tax set to go ahead under the Labour party are expected to return to the higher-end property market after the recent election results. The so-called “mansion tax” would’ve meant that those who owned properties worth more than £2 million or more would have been taxed 1%.  Threatening […]

Tax Saving Accountants

Report Reveals UK Tax Burden 18 percent higher than Global Average

The UK tax burden as a share of the economy is close to a fifth higher than world averages, which may impede growth and stifle entrepreneurship, a new report has claimed. Tax revenue is 32.9% of the GDP, compared to 27.8% which is the worldwide average. This makes the tax level in the UK several […]

Tax Saving Accountants

Labour Planning a Crackdown on “unfair tax breaks”

The UK Labour Party has promised to crack down on unfair tax breaks, which are used by private-equity and hedge funds, in an attempt to win over voters before the election in May. Labour has also reiterated its plants to introduce a levy for bankers’ bonuses, which would see funds going towards a youth employment […]

Tax Saving Accountants

Parties are Clashing on Top Tax Rate for Election 2015

Both parties are clashing on top tax rate, and Labour recently called on the Conservative Party to promise not to lower the top income tax rate if it wins the election. George Osborne responded by saying he had no plans to do so, but also refused to completely rule the move out. In 2013 the […]

Tax Saving Accountants

Conservatives may Raise Inheritance Tax Threshold to £1m

The hugely unpopular “death tax” may be overhauled, making it fairer for those living down south, and ensuring that wealthier people won’t be the only ones to benefit. The current one-size-fits-all policy means that those living in areas with higher valued houses are paying much more inheritance tax, as higher house prices  often push their […]

Tax Saving Accountants

David Cameron promises sweeping tax reforms

During a well-received speech at the Conservative Party conference in Birmingham, David Cameron has promised a personal income tax allowance for £12,500, and to raise the 40p tax threshold to £50,000. The Prime Minister said that the move would mean that most minimum wage workers would pay no tax whatsoever. Some 30 million taxpayers would […]

Tax Saving Accountants

UKIP set to unveil income tax reforms in party conference

UKIP is set to unveil far-reaching reforms to income tax – with those earning as much as £55,000 set to pay 35p of tax for every £1, instead of 40p. Led by Nigel Farage, the controversial party has received a surge of popularity recently. On Friday, it is set to announce that it would raise […]

Tax Saving Accountants

HMRC plans to tighten offshore tax evasion

A new criminal offence is being considered by HMRC, which would see offshore tax evaders face tougher sanctions when they try to conceal their wealth. However, most of these cases would be dealt with via civil means. The taxman has launched a new consultation which targets those who move assets between countries on a regular […]

Tax Saving Accountants

By 2033, one in three of us will pay 40p tax rate

The income tax paid by one in three Britons – including public-sector workers such as teachers and nurses – could end up in the higher rate in the next 20 years, according to the Office for Budget Responsibility. In its latest forecast, the OBR said that more than 9 million people could be landed with […]

Tax Saving Accountants

HMRC boss defends her £20,000 bonus

Bonuses at HM Revenue & Customs have fallen under scrutiny – after its chief executive pocketed an extra £20,000 despite a massive error which saw the taxman drastically overestimate the extra revenue it had collected. Lin Homer has insisted that she deserves the bonus, even though she already earns a salary estimated at £185,000. Many […]

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