Did you know that the average Inheritance Tax (IHT) bill in the UK is a staggering £179,000? This eye-opening statistic highlights the significant impact that IHT can have on families and the importance of understanding the threshold and planning accordingly. In the UK, IHT is a tax levied on the estate (property, money, and possessions) […]
Did you know that the UK government collects over £6 billion annually from vehicle excise duty, more commonly known as ‘road tax’? This staggering figure highlights the importance of understanding the road tax cancellation process, especially if you’re selling your car, taking it off the road, or encountering other changes in your vehicle’s status. In […]
Did you know that the UK government’s HM Revenue and Customs (HMRC) processes over 30 million tax returns each year? Navigating the complexities of personal taxation can be daunting, but the personal tax account (PTA) offers a streamlined solution to managing your tax affairs online. This digital service puts you in control, allowing you to […]
Did you know that the average Briton has over £32,000 stashed away in their bank accounts? While this might seem like a sizeable sum, the good news is that the majority of this money can be held tax-free, thanks to the UK’s generous personal savings allowance. But just how much can you have in the […]
Did you know that some UK taxpayers have reported waiting nearly 4 months to receive their tax refunds after submitting their returns online? This unexpected delay highlights the critical need for clarity on HMRC’s (Her Majesty’s Revenue and Customs) tax return processing times. Whether you’re a sole trader filing a Self Assessment or simply curious […]
According to the latest figures, if you pay your Council Tax in 10 instalments, you can enjoy a two-month break from your bill in February and March. These are the traditional council tax-free months for millions of households across the United Kingdom. However, the exact payment schedule depends on the arrangement you have set up […]
£2.4 billion – that’s the staggering amount of overpaid tax refunded by HM Revenue and Customs (HMRC) in the UK each year. If you’ve found yourself on an emergency tax code, you may be among those entitled to reclaim a portion of this substantial sum. Understanding how to navigate the process of claiming back emergency […]
Did you know that over 7 million households in the UK are occupied by a single person? That’s a staggering 28% of all households, highlighting the prevalence of single-occupancy living arrangements across the country. For these individuals, understanding the intricacies of council tax and the available single person discounts is crucial. After all, the cost […]
Did you know that a staggering 65% of business owners in the UK are currently pursuing an exit strategy amidst economic uncertainties? With concerns about potential tax regime changes and the impact of inflation, the need for effective tax planning when selling a business has never been more crucial. In this article, we’ll explore multiple […]
Did you know that UK residents received a staggering £105.8 billion in dividend payments in 2021? With such a substantial amount of dividend income being distributed, it’s crucial for individuals to understand the tax implications of these payments. In this comprehensive guide, we’ll delve into the intricacies of how much tax you pay on dividends […]