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...
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...
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...
Most importantly, it depends on the deal. So get your calculator out! But do watch out for excessive mileage penalties in lease agreements. Tax treatment varies depending on the method used to acquire a car – but it is often not tax efficient for a Company to...
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...
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...
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