National Insurance – the forgotten tax

National Insurance (NI) is one of the most important, overlooked, taxes for most working people. In context, for an employee earning between £12,500 and £50,000 per year, for every extra £1 they receive in net pay, the Treasury receives 67.35p (29.41p in Income Tax...

What does the ‘Personal Tax Allowance’ mean?

Every person who is resident in the UK is given a personal allowance each tax year. It operates as follows: The personal allowance is the amount of income you can receive before paying tax – and it generally increases each tax year.  For the 2020/21 tax year, it is...

The Budget

Back on 11th March 2020, we had Rishi Sunak’s first budget. The tax changes were soon overshadowed by the Coronavirus pandemic and the Government measures used to support employees and businesses. Below i have explained some of these tax changes: Delay of IR35 in the...

Some National Insurance payments are voluntary

Generally speaking, you get a bigger state pension for each year in which you pay National Insurance contributions. But sometimes, taxpayers don’t have enough income to be charged National Insurance – so risk having a smaller state pension. If you are...

Some National Insurance payments are voluntary

Generally speaking, you get a bigger state pension for each year in which you pay National Insurance contributions. But sometimes, taxpayers don’t have enough income to be charged National Insurance – so risk having a smaller state pension. If you are...