A wealth tax targets an individual's net worth to combat economic inequality, but faces challenges like administrative complexity and potential capital flight, sparking debate on its effectiveness in funding public services.
The 2025 UK Budget introduces key fiscal reforms, including increased National Insurance contributions, capital gains tax hikes, and new taxation rules for non-domiciled residents, while emphasizing public spending efficiency and infrastructure investment.
High-income earners in the UK can optimize tax efficiency by employing strategies like pension contributions, ISAs, and tax-efficient investments while staying informed on evolving regulations to minimize liabilities and enhance compliance.
Self-employed individuals in the UK must adopt proactive retirement planning strategies, including understanding various pension options and maximizing tax relief, to ensure financial security in their later years.
Understanding how income tax works in the UK is essential for managing your finances effectively. Whether you’re an employee, self-employed, or earning income from multiple sources, knowing the tax rates and bands can help you plan better, minimize liabilities, and stay compliant with HMRC.
