UK Tax Year Brings Sharp Increases for Households and Businesses
Britain's new tax year starting April 6 will hit working families and small businesses hard. Frozen tax thresholds mean workers receiving pay raises will see more income consumed by taxes, with some pushed into higher brackets. Inheritance tax will affect more estates while changes to non-dom status take effect. Dividend tax rates have risen and reliefs for agricultural property and venture capital investments have been reduced. For approximately 860,000 self-employed workers and landlords earning over £50,000 annually, new quarterly reporting requirements to tax authorities will increase compliance costs significantly. Business rates are also rising following property revaluations across England and Wales.
