Jul 16, 2024 | Personal Tax
More than half a million taxpayers are now caught in a 60% tax trap, a figure that has increased by nearly a quarter over the past year due to frozen thresholds. In the 2022/23 tax year, 537,000 taxpayers paid 60% tax on a portion of their income, a 23% increase from...
Jun 28, 2024 | Personal Tax
The number of additional rate taxpayers will surpass one million for the first time as tax thresholds remain frozen. Since the tax thresholds were frozen in 2021, HMRC is predicted to collect £63.2 billion in income tax this year, bringing the total to £272.6bn, which...
Jun 25, 2024 | Personal Tax
Since April, £77.2 billion has been raised from income tax and National Insurance (NI), £2.8bn more than the same period last year. In May alone, PAYE income tax reached £20.6bn, nearly £1bn more than in May 2023. However, NI contributions have dropped by £1.3bn...
Jun 14, 2024 | Personal Tax
The amount of tax collected from unpaid inheritance tax (IHT) investigations is soaring, but HMRC could recover even more. Over the past five years, HMRC has conducted thousands of investigations into estates suspected of owing IHT, collecting £1.39 billion in unpaid...
Apr 16, 2024 | Current AffairsPersonal Tax
In February, 2.9 million people tried to reach HMRC by phone, down from 3.6m in January during the busy self-assessment period. Despite this decrease, only 1.3m callers managed to speak with an adviser, and 656,622 calls were abandoned. Automated systems handled...
