Tax Rebates & Refunds

Tax refunds are like the savings you never knew you had

February 5, 2014
Posted in Uncategorized — Written by Chris — Comments (0)

Tax rebates are a wonderful thing, but remember that they are no more than you actually deserve. Any refund you get from HMRC is a reflection of the fact that you have overpaid for a given period of time. Sometimes the refund relates to a period of time some years ago, in which case the [...]

Labour would reintroduce 50p tax for earnings over £150,000

February 4, 2014
Posted in Income Tax — Written by Geoffrey — Comments (0)

“For the next Parliament, we will restore the 50p top rate of tax for those earning over £150,000”, Ed Balls has been quoted as saying, arguing that analysis performed by the government showing such a tax doesn’t raise much money was “skewed by ministers’ assumptions”.
The 50% tax band was created by the previous Labour government [...]

Keep an eye on your tax if you are out of work

February 3, 2014
Posted in Income Tax — Written by Chris — Comments (0)

There’s never a good time to be out of work, but right now the job market is so competitive that it makes things even harder for those who lose their jobs. Redundancies and company wind-ups are not uncommon at the moment because of the general commercial struggle against insolvency during testing financial times. That’s bad [...]

What is income tax?

January 31, 2014
Posted in Income Tax — Written by Chris — Comments (0)

Put simply, income tax is a tax that you pay on your earnings. As soon as you earn above the personal allowance threshold for the year then you’ll start to pay tax. Your tax code tells your employer exactly how much tax-free income you’re entitled to before you start paying tax and once you’ve earned [...]

Tax codes and their meanings

January 30, 2014
Posted in Income Tax — Written by Jennifer — Comments (0)

Your tax code is used by your employer to calculate the amount of tax that should be deducted from your earnings. Pension providers also use your tax code to work out the amount that should be deducted from your pension.
It’s important to make sure that your tax code is correct in order to avoid not [...]

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