Did you know that an astonishing £6 billion in inheritance tax was collected in the UK in the year 2021-2022? This staggering figure highlights the significant impact inheritance tax can have on families’ wealth when a loved one passes away. When the second parent in a married couple or civil partnership dies, their estate may […]
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 […]
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 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 […]
Did you know that the UK government collects over £200 billion in business taxes each year? This staggering figure highlights just how crucial business tax compliance is for the financial health of the nation. As a business owner or manager in the UK, understanding the various taxes and obligations you must navigate is essential for […]
Did you know that the UK government provides up to £2,000 per child per year towards childcare costs? This little-known tax-free childcare scheme is a game changer for working parents struggling to balance the rising costs of childcare. By opening an online account and paying into it, eligible parents can receive a 20% top-up from […]