In a surprising turn of events, the UK government has announced that from 1 April 2025, drivers of electric vehicles (EVs) will have to pay road tax for the first time. This new measure, known as the 2025 Vehicle Excise Duty (VED) rules, will have a significant impact on the annual motoring costs for thousands […]
Did you know that over £38 billion has been paid out in Payment Protection Insurance (PPI) compensation claims in the UK since 2011? This staggering figure serves as a stark reminder of the widespread mis-selling that occurred within the financial services industry. However, what many individuals may not realise is that a portion of these […]
According to HMRC, a staggering 2.3 million people in the UK are still waiting for their tax refunds, some for over 4 months. If your tax calculation letter (P800) says you’re due a refund, you can claim it online through your Government Gateway account or the HMRC app. If you claim online, you’ll receive the […]
Have you ever filled out a tax form or registered a business and been asked for a Tax Identification Number? If you’re unsure what that means or why it’s needed, you’re not alone. In the UK, various identifiers, such as your National Insurance Number, Unique Taxpayer Reference, and Company Registration Number, function as Tax Identification […]
Self Assessment tax is a crucial obligation for individuals in the UK who have additional income or haven’t had tax deducted through Pay As You Earn (PAYE). Understanding the process of paying self assessment tax is essential to meet your tax responsibilities and avoid penalties. Whether you’re self-employed, a landlord, company director, or have other […]
What is the Higher Tax Bracket in the UK? The higher tax bracket in the UK refers to the tax rate that individuals pay on their income above a certain threshold. In the current tax year (6 April 2024 to 5 April 2025), the standard Personal Allowance is £12,570, meaning that individuals do not have […]
The Bedroom Tax, also known as the under-occupancy charge or the removal of the spare room subsidy, is a reduction in Housing Benefit or the housing element of Universal Credit for people of working age who rent a home with a spare bedroom. The amount of the reduction depends on the number of spare bedrooms […]
Emergency tax is a temporary tax code that is applied when HMRC does not have the necessary income details. If your tax code ends in ‘W1’, ‘M1’, or ‘X’, you are on an emergency tax code. You may be placed on an emergency tax code if you have had a change in circumstances such as […]
Did you know that in the 2021/2022 tax year, the National Insurance tax contributed over £150 billion to the UK government’s revenue? The National Insurance tax is a crucial part of the UK tax system, affecting millions of people across the country. Whether you’re an employee or self-employed, understanding how much you need to pay […]
Did you know that one in three people who work and pay tax are entitled to a UK tax refund? With the average UK tax rebate being £963, it is definitely worth your while. In this complete guide, we will walk you through the process of getting a tax rebate in the UK, including eligibility […]