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As the years roll on, British workers find themselves bearing an increasingly heavier burden when it comes to income tax. Recent analysis reveals a startling truth: the typical worker in England will fork out nearly £50,000 more in income tax over their career compared to just three years ago. This staggering increase, amounting to a 27% rise in lifetime tax obligations, underscores the pressing need for reform in our tax system.
The root of this issue lies in the freezing of tax thresholds in 2021, a move that has left millions of hardworking taxpayers grappling with higher tax bills as inflation continues to push up wages. While the average salary has seen a commendable 16% rise between 2020/21 and 2023/24, it is disheartening to note that this increase has not translated into a proportional rise in take-home pay for many workers. Instead, it has been swallowed up by the voracious appetite of income tax.
Enter John O'Connell, chief executive of the TaxPayers' Alliance, who advocates for a radical overhaul of our tax system. O'Connell calls for the lifting of thresholds and a reduction in tax rates to alleviate the burden on hardworking individuals and families. Such reforms are not only necessary to ensure fairness and equity but also to stimulate economic activity and foster prosperity for all.
It is evident that the status quo is unsustainable. As income tax continues to chip away at the earnings of British workers, urgent action is required to lighten the load and restore confidence in our tax system. The time for reform is now, and it is incumbent upon policymakers to heed the call for change. Only then can we pave the way for a future where hard work is duly rewarded and the weight of excessive taxation does not stifle the aspirations of ordinary taxpayers.
In a time where tax burdens are on the rise and the stakes are higher than ever, having a trusted partner like MS Taxes by your side can make all the difference. Don't let tax issues weigh you down – enlist the expertise of MS Taxes to help you navigate the complexities of the tax system and secure a brighter financial future.
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Email us at info@mstaxes.co.uk
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Call us on:
0333 577 6909
Email us at:
info@mstaxes.co.uk
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Contact Tofail Rahman on: info@mstaxes.co.uk
Tofail is a qualified Chartered Accountant with over 15 years of experience in accountancy and taxation. He has worked alongside a former Inspector of Taxes gaining invaluable insights of inner HMRC workings, which he utilises to support clients through tax challenges and steer clear from possible investigations. Contact Tofail Rahman on: info@mstaxes.co.uk
Tim has a wealth of experience dealing with all types of International Payroll Tax and IR35 Tax Investigations. Tim has worked within Financial Services and Accounting since 2001 including working with HMRC on VAT investigations. He is a specialist in International Taxation Experience, International PEO Employment Solutions as well as in providing solutions for contractors and limited companies.
Contact Tofail Rahman on: info@mstaxes.co.uk
Andrew began his career in HM Customs & Excise and subsequently moved to HMRC (then called the Inland Revenue) on appointment as one of HM Inspector of Taxes. completing his training he was sent as District Inspector in charge of West Midlands and was soon transferred to Head Office as a fraud investigator in Enquiry Branch (now Fraud Investigation Services) where he spent eight years conducting Code of Practice 9 investigations on a wide variety of individuals, partnerships and companies.
Contact Tofail Rahman on: info@mstaxes.co.uk