Taxes 2021: Families to pay an extra £191.75 in tax this Christmas – ‘Taxpayers deserve a | Personal Finance | Finance

0
20


The TaxPayers’ Alliance, a free-market think tank, is demanding that “taxpayers deserve a break” in light of the Government’s latest series of tax hikes.

The think tank calculated the additional tax bill by taking into account the cost of VAT as well as fuel duty, sugar tax, and alcohol taxes.

As part of its research, the organisation noted that consumers have flocked to online shopping following the last two years of pandemic restrictions.

Due to this transition, shoppers are set to spend £287 online on average on their Christmas shopping this year.

This presents 67 percent of their overall holiday shopping spree when it comes to presents and arranging Christmas Day celebrations.

DON’T MISS:

Further analysis from the TaxPayers’ Alliance found that the proposed two percent online sales tax would result in an additional £57million being added to the country’s Christmas tax bill.

Overall, families up and down the UK are experiencing unprecedented hikes in taxes combined with a rise in inflation.

The result of this is living costs being too high for many households at a time of year when Britons should be spending their cash to revitalise the economy.

The average household will spend £3,240 in December, which is 29 percent more than a typical month, according to the think tank.

John O’Connell, the Chief Executive of the TaxPayers’ Alliance, outlined the harsh financial reality facing many families this Christmas.

Mr O’Connell explained: “Despite families already forking out a fortune this festive season, the taxman has clearly decided ‘tis not the season to be jolly.

“After a cancelled Christmas last year taxpayers deserve a break, but HMRC’s litany of levies leave a big hole in their finances.

“The taxman should stop playing Grinch and leave us a bit more cash in our Christmas stockings.”

Lisa Conway Hughes, an Independent Financial Advisor, explained how people can manage their money while still paying their bills and spending on Christmas gifts.

Ms Hughes said: “The nation has a pent-up desire to splurge on Christmas festivities, but household costs are mounting up with rising energy costs, food prices, tax hikes and cuts to credit.

“Over the last 18 months, one in five people have even missed payments on their energy bills.

“But, the good news is that Christmas doesn’t need to be excessively trimmed if people get on track with money management and utilise free services… to take back control of their bills.”





Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here