Income tax

Sadiq Khan outlines why ULEZ has come into force in London Sign up for FREE for motoring tips every driver needs to know SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Sadiq Khan said the new expanded Ultra Low Emissions Zone which launches from October 25 will bring “health benefits” to millions living in London . He said at least six in 10 households in the expanded zone do not own a car but still “suffer” as a result of pollution. Related articles Caravan and motorhome owners could face £100 charge after tax changes E10 petrol changes: Drivers ‘taking a hit’ on fuel efficiency READ MORE Car tax changes: Thousands of drivers still waiting on help from TfL The changes will see private …

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Martin Lewis: Up to 400,000 in wrong council tax band Make the most of your money by signing up to our newsletter for FREE now SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Nearly half a million British households (400,000) are in the wrong council tax band and paying too much while thousands more are not claiming a reduction they are entitled to. Related articles Rishi Sunak may target pension tax-free cash in upcoming Budget Christmas payment dates 2021 - Every payment date plus Christmas bonus READ MORE Meet the olderpreneur who turned her back on retirement Britons are being urged to check if they can save money on council tax to offset how much money they are having to fork out to …

[Read more...] about 400,000 households could be owed thousands in council tax – are you?

The Bank of England could be forced to hold back any increases to interest rates next year as national insurance and dividend tax hikes hit households, economists have warned. The predictions came despite comments from the Bank’s most hawkish rate-setter, Michael Saunders, that it “might be right” for interest rates to rise from their record low of 0.1pc next year. Jacob Nell, head of European economics at investment bank Morgan Stanley, said the scale of the tax hikes – planned to raise £36bn over three years – were so big they risked holding back consumer spending and the wider recovery, limiting Threadneedle Street’s room to raise borrowing costs. “We do see this substantial 2.5pc increase in the tax on labour income from April next year as a risk to wage growth and consumption,” Mr Nell said. As a result he thinks the Bank of England will raise rates from the current rock bottom 0.1pc now to 0.25pc next August – just half the 0.3pc rise anticipated by financial markets …

[Read more...] about Tax pain set to threaten recovery and delay interest rate rises

Online retailers such as Amazon face a tax double whammy to help pay for the cost of the pandemic under plans being drawn up by the Government, it has been claimed. Ministers are already looking at ways of imposing an online sales tax , but they are also now looking at a windfall tax on companies that have made a killing on the back of high street lockdowns, it was reported. The “excessive profits tax” could be used to keep bricks and mortar retailers afloat after the loss of such major names as Debenhams from town centres. Amazon enjoyed a 51 per cent increase in sales in Britain last year as people unable to go to the shops switched to online purchases. The firm took £19.5 billion in revenue, but paid just £14.5m in corporation tax, less than one thousandth of its turnover. Read more: Five tax rises Rishi Sunak is considering – and the chances of them happening at the Budget Other firms likely to be targeted by the tax include Asos, Ocado, Just Eat and …

[Read more...] about Amazon and other online retailers face tax double whammy

Warren Buffett favors a small tax on securities trades , as Sens. Tom Harkin, D-Iowa, and Peter DeFazio, D-Ore., proposed in a bill this week. So do German Chancellor Angela Merkel and French President Nicolas Sarkozy. Former Federal Reserve chief Paul Volcker? Ditto. Bill Gates, too . Even some distinguished Wall Streeters, such as ex-Goldman Sachs (GS) chairman John Whitehead, like the idea. Add in scores of economists across the political spectrum, including a number of Nobel laureates, and you have gold-plated consensus: A so-called financial transactions tax makes sense. Not that the Harkin-DeFazio measure -- which has no Republican co-sponsors -- stands much of a chance of making it into law. GOP lawmakers in both the House and Senate have erected a blockade against tax hikes. The Obama administration , especially U.S. Treasury Secretary Tim Geithner, also opposes a FTT. How much revenue would it raise? But forget rabid Republicans for a sec, along with the …

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The European Union has dithered in solving its sovereign-debt crisis, but it is leading the way on another important economic front -- proposing a small tax on securities trades . Resistance will be fierce. Some EU countries, such as the U.K., are already balking, with adoption of the plan requiring support from all 27 member states. U.S. Treasury chief Tim Geithner also has come out against a so-called financial transaction tax, while large financial firms are, unsurprisingly, already trying to kill the idea dead . Still, it's a bold move. If the plan is approved, starting in 2014 all banks, brokerage firms, insurance companies, hedge and pension funds, and other financial players doing business in the EU -- and anyone who trades securities there, it's worth noting -- would pay a 0.1 percent tax on stock and bond trades and a 0.01 percent tax on derivatives. (Debt issued by corporations and governments would be exempt from the tax.) The EU wants to introduce a FTT …

[Read more...] about Here’s an Idea — Reduce the Deficit By Taxing Securities Trades

Budget 2021: Rishi Sunak issues warning about interest rates Make the most of your money by signing up to our newsletter for FREE now SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Bank of England governor Andrew Bailey has warned it will "have to act" due to the increased rate. Inflation is expected to be above four percent by the end of 2021 and continue into next year. Related articles Energy bills set to be slashed: Rishi Sunak to use Brexit powers UK Covid surge sparks alarm as Boris keeps 'close watch' on cases State pension payouts are partially linked to inflation, with a higher inflation rate leading to a higher monthly pension. Any efforts by the Bank to reduce an increase in prices would lead to a …

[Read more...] about State pensions face fresh blow: Bank of England’s interest rate plan risks lower payouts

Nigel Farage's notorious "Breaking Point" poster in the 2016 Brexit referendum is still remembered today — a classic example of political shock tactics. What is less well known is how the poster — which depicted a horde of Turkish immigrants threatening our homeland — lived on. Two years later, under a new headline STOP, Hungarian Prime Minister Orban stole Mr Farage's demagogic image to warn that his nation was being overrun. A year later, even more blatantly xenophobic images appeared again, this time in Spain from the nationalist party Vox. Irony of ironies, at least when it comes to poster design, the cause of anti-internationalism has gone internationalist. We thought this clenched-fist nationalism had ended in the first half of the twentieth century. But, in our time, it has reappeared all over Europe: in the propaganda of Le Pen’s remodeled French National Front , Germany's ADF, Italy’s League of Brothers in Italy, the Wilders party in Netherlands, and even in social …

[Read more...] about We need a new strategy to stop nationalism ripping the UK apart

Owners of swimming pools in France beware, the artificially intelligent taxman cometh. When tax collectors in Greece started comparing incomes with swimming pool ownership, many wealthy Greeks came up with a cunning plan: hide the pools with camouflage nets. It remains to be seen whether such tactics could catch on in France, where fiscal authorities this month are launching an unprecedented campaign to root out people who have failed to declare the existence of their pools - along with garages or other extensions - via an experimental partnership with Google. With 2.5 million swimming pools in individual homes, France has more piscines per capita than anywhere in the world bar America. France already uses helicopters to detect undeclared swimming pools or owners who fill theirs during a period of drought. But this month, it is taking the hunt to another level thanks to AI. Under the codename Innovative Real Estate, tax inspectors are using Google algorithms to automatically …

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The financial crimes trial of Donald Trump ’s former campaign chairman, Paul Manafort, got underway in Alexandria, Virginia, Tuesday, the first trial in connection with the more than year-long investigation by special counsel Robert Mueller into possible collusion between Russia and then-candidate Donald Trump’s 2016 presidential campaign. But collusion and Russia are not expected to come up during Manafort’s trial; rather, the white-collar crime case arose from the broader mandate given Mueller to probe matters arising directly out of the investigation into any campaign links to the Kremlin. As part of that investigation, Mueller began exploring Manafort’s longtime work for Ukrainian politicians with ties to Moscow, which he began in 2006. Government investigators unearthed a raft of alleged financial crimes unrelated to the campaign and obtained multiple, related indictments against the veteran GOP lobbyist, including counts of tax evasion and bank fraud. Manafort, …

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