Thursday 6 April 2023

Today Is...First Day Of New Tax Year

I'm not sure why April 6th was chosen, it seems a bit of a strange date and while it may not have the fun or involve as much alcoholic content as the one in January, today is the start of the new year, the new tax year that is so check your tax code to make sure HMRC are not skimping on you.
It has been estimated that as many as 20% of the tax codes issued by HM Revenue & Customs are incorrect so you may want to check your tax code on that next payslip and if it isn't right then telephone one of the the 12 people left working at HMRC and after a 4 hour wait listening to classical music, inquire why your code isn't the same as everyone else.
The Government has an average tax intake of £702 billion annually, how it spreads it around is a policy choice and i made a recommendation on here a while back that we should be able to decide what our tax is spent on and i'm sure that it wouldn't take too much effort to include a list of things that we are happy to contribute towards.
A page of tick boxes where we can say yes, i don't mind my taxes going to pay towards the Police Force, National Health Service, Schools, Civil Servants, Ministers expenses or to build Nuclear Power stations but the truth is they won't let us decide because if it was left to us the Prime Minister's pay packet would consist of 37p and half a jammy Wagon Wheel.  
The Government, in it's wisdom, ignored me and continue with its system of PAYE where tax is deducted at source and Self Assessment where we put our hands on our heart, cross our fingers and tell them what we earned and pay a percentage of that into the countries coffers.
That pretty much sums up all i know about taxes so remember tax doesn't have to be taxing as the HMRC advert goes and happy new financial year and it certainly will be if you are on the management team of tax light companies such as Amazon, Google or Starbucks.

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