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Government maintains income tax thresholds

Employee Benefits

Autumn budget 2022: The government will maintain the current freeze on income tax personal allowance and higher-rate tax thresholds until April 2028. Chancellor of the exchequer Jeremy Hunt told the House of Commons that personal tax thresholds, including income tax, will be frozen for further two years until 2028.

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Government reduces 45% income tax threshold

Employee Benefits

Autumn budget 2022: The government has reduced the threshold at which the 45% rate of income tax becomes payable, from £150,000 to £125,140. In September, then Chancellor Kwasi Kwarteng told the House of Commons in his mini budget statement that the 45% income tax rate would be replaced with a 40% rate from April 2023.

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PayrollOrg Comments on IRS Employment Tax Forms

PayrollOrg

PayrollOrg’s Government Relations Task Force commented on the IRS’s information collection notice on federal employment tax forms in September.

Taxes 129
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So, I “Bit the Bullet” and Finally E-filed Our Taxes

Money Talk

Last year, I wrote a post that described the pros and cons of filing your income taxes by paper or electronically (e-filing). Looking back, it was also a “personal pep talk” for me because I knew I was part of a dying breed of paper income tax filers. of tax returns are filed by paper or, in numerical terms, nearly 13.2

Taxes 245
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Government maintains national insurance contributions freeze

Employee Benefits

Autumn budget 2022: The government has decided to maintain the current freeze on employers’ national insurance (NI) contribution thresholds for a further two years. “A lower tax regime keeps unemployment low, maximises government receipts through income tax and corporation tax.

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Retirement and Taxes: "To" and "Through" Planning

Money Talk

If you picture retirement planning and taxes as a Venn Diagram, there is lots of overlap between these two areas of personal finance. This is true both during one’s working years (when taxpayers are saving for retirement) and later, when people are older and withdrawing taxable income from tax-deferred accounts.

Taxes 187
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Spring Budget 2024: Government maintains fuel duty freeze for 12 months

Employee Benefits

Spring Budget 2024: The government is to maintain the current rates of fuel duty for a further 12 months to help support people with the cost of living. Following a review, the government will also maintain the difference between road fuel gas and diesel duty rates until 2032.