Q: I am employed and pay tax and national insurance contributions. However outside of this work I make money as a contractor in another business.
The news, when it came a few months ago, wasn't unexpected but it was still something of a shock: as a nation, we pay out more in benefits than we raise in income tax.
In 2010–11, public finances continue to be dominated by the aftermath of the global financial crisis and recession, with a pressing need to cut government borrowing.
Managers of Venture Capital Trusts (VCTs) were disappointed that the Pre-Budget Report failed to spell out future plans for the tax reliefs the trusts currently enjoy.
If you are self-employed, you pay income tax through Self Assessment (SA).
In 2011–12, the personal allowance for people under age 65 will rise by £1,000 to £7,475.
PAYE (Pay As You Earn) is the system that HM Revenue & Customs
(HMRC) uses to collect Income Tax and National Insurance contributions
(NICs) from employees' pay as they e
The recommendation by the Office of Tax Simplification (OTS) to abolish community investment tax relief has been ignored.
The chancellor of the exchequer announced in the Budget that the personal allowance for people under 65 will rise by a further £630 to £8,105 in 2012-13.
The government is to look at merging income tax and National Insurance, chancellor of the exchequer George Osborne has announced.