Taxpayers will benefit from the changes made to the high income child benefit charge thanks to all tax measures from the March 2024 Budget being enacted before parliament was prorogued. Changes to benefit charge For…
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Taxpayers will benefit from the changes made to the high income child benefit charge thanks to all tax measures from the March 2024 Budget being enacted before parliament was prorogued. Changes to benefit charge For…
With tax bands and other thresholds frozen, taxpayers should be aware of the implications of their income increasing. Increased income can mean more than facing a higher tax bill. Higher rate taxpayers need to look…
The 31 January 2024 deadline for submitting a 2022/23 self-assessment tax return is not far off, especially for those not yet registered. Anyone who has not previously registered for self-assessment – but needs to submit…
One of the many criticisms aimed at the High Income Child Benefit Charge (HICBC) is that anyone caught by the charge needs to submit a self-assessment tax return even if all of their tax is…
The government is extending the provision of 30 hours of free childcare for 38 weeks to now include all pre-school children over the age of nine months. Phased introduction The extended childcare provision will be…
New data reveals that penalties issued by HMRC for not paying the High-Income Child Benefit Charge (HICBC), or paying the incorrect amount, have fallen significantly. However, the number of individuals still in default is estimated…
Fiscal drag is the stealthy way in which governments pull more and more taxpayers into higher tax brackets without the backlash that comes with increased tax rates. This is something taxpayers can probably live with…
New data from HMRC reveals there are now over six million people paying higher or additional rate tax in the UK. In recent years, the end of June has been the time for HMRC to…
The high marginal tax rates created by phasing out the personal allowance are back in the news. ‘A million to pay 60% income tax within years,’ ran a recent headline in The Sunday Telegraph. The…
A critical review of how the government taxes child benefits has raised a major question mark over HMRC’s approach to collecting payments. Child benefit tax, or the High-Income Child Benefit Charge (HICBC) to use its…