Tax Changes Explained UK 2023/2024 | BE PREPARED!
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- Опубліковано 5 сер 2024
- Tax Changes Explained UK 2023/2024 | BE PREPARED!
As we approach the new tax year (6th April), it's important to be aware of the changes that will be coming into effect. This year has been a particularly turbulent time for the UK government, with numerous tax changes and U-turns leading to confusion about what taxes are changing and what is staying the same. In this video, we clear everything up for you!!!
Chapter Information (Tax Changes Explained UK 2023/2024 | BE PREPARED!):
0:00 Introduction
0:42 Income Tax and Personal Allowance?
2:31 Capital Gains Tax (Allowance)
3:46 Dividend Tax (Allowance)
4:55 Council Tax
5:50 National Insurance Tax
6:28 Stamp Duty Tax (Allowance)
7:12 Inheritance Tax (Allowance)
8:21 Personal Saving Allowance
🔹BBC: www.bbc.com/news/explainers-6...
🔹TaxScouts: taxscouts.com/the-tax-basics/...
🔹ITV-Council Tax: www.itv.com/news/2023-02-14/i...
🔹Money Facts: moneyfactscompare.co.uk/news/...
DISCLAIMER: Any advice or statements perceived to be advice given in this video and any other videos on my channel are for information purposes only, and does not act as financial advice.
You are fully responsible for your financial decisions. If you are in need of any Financial Advice, please seek out a professional advisor. If you are unsure of how to do this, please feel free to reach out to me and I am more than happy to guide you.
#TaxUK #TaxChanges #CapitalGainTax
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Government plans to tax 40% Starting at £37700😢
Great video
Thank you!!
Thank you, I am glad you enjoyed it!!!
Thanks for the breakdown mate
Thanks. I'm glad you found it helpful ☺️
Because of the national wage increase and the freeze of personal allowance, my girlfriend is now 20% worse off now than she was last year. This country is an absolute joke.
welcome to the free UK mate, now we are free to earn more while away from EU and we also build a hospital every week since we don't have to pay money to Eu anymore :))))) i can't believe these pirates :))))
This is huge
I work in sales and normally people in sales have a basic salary and commission after these changes I found it that most of my commission money will go as tax , very demotivating to be honest, why work harder and get nothing, might as well find a part time job it’s almost the same money 😢
Hi Thanks for you comment and I understand the frustration. Can I ask if you basic salary is above £12,570?
If you are earning above this, then please note that this is the amount of money (£12,570) you can earn from your income before being taxed. Anything earned above this will be subject to Income Tax.
As your commission payment is considered part of your taxable income, if your basic salary has already used up all of your £12,570 personal allowance, then we would expect all of your commission to be taxed by at least 20%.
Hope this makes sense, let me know if not.
Great article. Loads of info in a short period. You didn't mention the Starting Savings Rate though which allows those who are not working or who are on low saleries to be able to earn up to £18570 tax fee on interest.
Thanks for comment. And yes it would have been useful to have put in on hindsight. - I missed that.
Also, I don't believe your understanding is correct. The Start Rate for Savings is for salaries below £17570, and offers up to £5000 of interest to be earned tax free. Link below www.gov.uk/apply-tax-free-interest-on-savings
@@FinancialMadness Thanks for link. Yes I think it is £17500 plus the normal £1000 allowance for interest. The SR for S probably wont apply to many people. I pay my wife just less than the personal tax allowance so we are able to make use of it. Mind you, I did have to argue with an HMRC advisor as she was unaware of the benefit which surprised me. Again than you for the article.
Great video thanks
Thanks. Glad you found it helpful :)
Can you also make a video on all Relevant Due dates of notification of liability to hmrc, tax returns and payments
And also of Penalties
Hi there,
Thanks for the suggestion. Yes I will add that to my list, thank you!
I would like to have a problem with income reaching higher tax brackets. Help!
Not sure how to answer this. But I am a big believer in making a through plan to reach any goal. And this is no different.
Obviously, due to circumstances some will have it easier than others. But it is possible :)
Hi, if I earn over £37700 for the year do I have to pay 40 percent tax? I was not sure
Hi there.
You are considered a basic rate tax holder and only pay 20% income tax.
Cooperation tax?
Unfreeze the tax threshold for the low payed workers under 20.000 pounds
You are taxed to death and ripped off for everything in the 'YUK'. We pay peanuts in Cyprus !