Tax receipts rise despite National Insurance cuts

Despite two National Insurance (NI) cuts this year, income tax revenue is up. PAYE income tax and NI contributions (NICs) rose by £2.5 billion in the first three months of the tax year. From April to June 2024, these taxes brought in £195.1bn, £4.7bn more than the...

PM proposes scrapping National Insurance

The Prime Minister has suggested the possibility of eliminating National Insurance contributions (NICs) for workers, following another 2% cut announced during the Budget. National Insurance, established in 1911, plays a significant role in UK tax revenue, second only...

Stealth tax and savings shake up salary bands

Following the recent Spring Budget, National Insurance (NI) rates in the UK will decrease by two percentage points, reducing to 8% on earnings between £12,570 and £50,270, down from the current 10%. This change, effective from April, appears to initially increase...

HMRC removes self-assessment for PAYE high earners

HMRC has announced a major shift in tax procedures, exempting high earners with PAYE income exceeding £150,000 from self-assessment tax returns starting in the 2024/25 tax year. This change, following the recent threshold increase from £100,000 to £150,000 for...