Author Archives: mktfinancialcoaching

“PAYE income tax and NICs cash receipts were £36.6 billion in June, £0.2 billion (0.4 per cent) below forecast, and £3.5 billion (10.7 per cent) above last year. The year-on-year comparison is being boosted by the rate and threshold changes to employer NICs. Receipts of employer NICs were up 23.8 per cent in June fromContinue reading “Income Tax Starting to fall behind OBR forecasts”

Thinking about renting versus buying in the UK? It’s a classic dilemma, and while renting offers flexibility, owning a place of your own comes with a whole host of advantages that can seriously boost your financial well-being and lifestyle. Let’s dive into why buying a property to live in can be a real game-changer, andContinue reading “Ditch the Rent, Own Your Future: Why Buying property in the UK is a Smart Move”

If you’re diving into the world of UK tax returns for the first time, or just need a refresher, the Self Assessment section on GOV.UK can feel like a bit of a maze. Here’s my straightforward take on what you’ll find: 1. The Basics 2. Getting on the Books 3. Filing Your Return 4. FormsContinue reading “Navigating the UK Self-Assessment Tax Maze. Don’t miss the 31st Jan Deadline!”

In April, the government’s decision to increase employers’ National Insurance contributions from 13.8% to 15%, combined with a drop in the payment threshold to just £5,000, has sent shockwaves through the business community. While policymakers frame this as a way to fund vital public services, the harsh reality is that this move threatens businesses, jobs,Continue reading “Why the Employer’s National Insurance Increase is a Recipe for Economic Disaster”

When dining out, most of us expect to enjoy a meal, pay the bill, and leave satisfied. However, some restaurants have recently adopted the practice of including forced charity donations as part of the bill. While these contributions might seem noble at first glance, they raise several ethical, financial, and logistical concerns that merit closerContinue reading “Why Forced Charity Donations on Restaurant Bills Are Problematic”

Are you tired of the daily grind and looking for ways to earn money without sacrificing your time? Passive income allows you to generate revenue effortlessly while you focus on other pursuits. In this listicle, we explore 14 innovative passive income ideas that you can jump into right away. Get ready to uncover opportunities thatContinue reading “14 Passive Income Ideas You Can Start Today (Tip #3 Will Amaze You!)”

I couldn’t help but delve into a couple of the episodes of the new series, and despite the constant outpouring of emotion, the economist in me did start thinking about game theory and optimal strategy. First things first, the new prizes in each box are listed below…  £0.01  £1,000  £0.10  £2,000  £0.50  £3,000  £1  £4,000 Continue reading “Game Theory in Deal or No Deal 2023”

Earn contractor revenue between £115,000 and £143,911 on a contract inside IR35 and you will be hit with a whopping 69% marginal rate of tax! Adding income tax, employer & employee national insurance would give the below marginal rates… Gross Revenue Employer NI Personal Taxable Pay Income Tax Employee NI Total Marginal Rate £0-£5,750 0%Continue reading “The 69% IR35 tax trap – How freelancers face a shocking 69% tax rate”