Income tax

The Chancellor, George Osborne, is set to make a cut to the top rate of income tax his headline measure in next week's Budget, as the Liberal Democrats have eased their opposition to the move in exchange for other concessions.

Clients who run a family business may be affected under controversial child benefit cuts set to be outlined in next week's Budget, according to accountants Baker Tilly.

BUDGET 2012

Business secretary Vince Cable has signalled that the Liberal Democrats are willing to scrap the 50p tax rate, in exchange for a "mansion tax" on high value property.

The government is planning an overhaul of the way it grants tax relief on pensions which will cost the pension industry, employers and the government "hundreds of millions", an expert has warned.

The 50p top rate of tax is damaging the economy and reducing government income, according to a letter signed by more than 500 business leaders.

Angela Haythorne, financial planner at JLT Wealth Management, explains the many and varied ways you can help reduce your clients’ income tax liability.

Her Majesty's Revenue and Customs (HMRC) will be given new powers in the spring to tackle employers who try to dodge paying their PAYE or National Insurance contributions (NICs).

The government's proposed reforms to the child benefit system would create effects that are "bizarre and economically damaging", the Institute for Fiscal Studies (IFS) has said.

The 50p top rate of tax is "unlikely" to be axed in the current financial climate, the mayor of London has said.