About our Tax news
Latest news on tax, providing comprehensive coverage of UK tax rates, HMRC updates, self-assessment deadlines, VAT changes, and personal and business taxation news.
The UK tax system encompasses various levies including Income Tax, National Insurance Contributions (NICs), Value Added Tax (VAT), Corporation Tax, and Council Tax. HM Revenue and Customs (HMRC) oversees the collection of most taxes, managing over £600 billion in tax revenue annually from millions of individuals and businesses.
Current developments in UK taxation include changes to tax thresholds, with the personal allowance frozen at £12,570 until 2028. Corporation tax rates have increased to 25% for companies with profits over £250,000, while VAT remains at 20%. HMRC continues to modernise its systems through the Making Tax Digital initiative, requiring businesses to maintain digital records and submit returns electronically.
Tax policy significantly impacts communities across the UK, from small business owners managing their quarterly VAT returns to employees checking their PAYE codes. Local authorities rely on Council Tax to fund essential services, while changes to business rates affect high street shops and commercial properties. The annual self-assessment deadline on 31 January remains a crucial date for millions of taxpayers.
Britain's tax system has evolved considerably since the introduction of Income Tax as a temporary measure to fund the Napoleonic Wars in 1799. Notable reforms include the introduction of VAT in 1973, replacing the former Purchase Tax, and the implementation of self-assessment in the 1990s. The digital revolution has transformed tax administration, with online filing becoming increasingly prevalent.
Our NewsNow feed aggregates the latest tax news from authoritative sources including HMRC press releases, financial newspapers, and respected tax professionals. Whether you're a business owner, accountant, or individual taxpayer, staying informed about tax changes is crucial for financial planning and compliance. Follow our feed for comprehensive coverage of UK taxation news, updates, and expert analysis.