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Average family sees lifetime tax bill soar by 6% over past year |   |
The TaxPayers' Alliance has published startling new research which shows that the average family faces a lifetime tax bill of £668,000 - a huge 6% rise on last year's figure.
The research also shows that poorer families were even harder hit, seeing their lifetime average tax bill surging by 13% from 233,000 in 2007 to 264,000 today.
For average households, income tax and VAT are the most burdensome taxes. An average household pays £262,000 in income tax and £115,000 in VAT over a lifetime.
National Insurance (which has increased massively under the current Government) takes an extra £83,000 and Council Tax consumes a further £53,000.
Corin Taylor, Research Director at the TaxPayers’ Alliance, said:
“Everyone is tightening their belts at the moment, but much of the savings they make are being wiped out by high taxes. The Government say they sympathise with the plight of ordinary people, but they don’t seem to care about the massive tax burden that people have to pay throughout their lives. People are struggling to make ends meet, and if the Government genuinely wants to help them they must cut taxes.”
Posted October 7, 2008
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[October 7, 2008] The TaxPayers' Alliance has published startling new research which shows that the average family faces a lifetime tax bill of £668,000 - a huge 6% rise on last year's figure.
[October 2, 2008] The Office for National Statistics (ONS) has released its latest report on the number of registered businesses in the UK. There was a 3% rise in business enterprise numbers in the year to March 2008.
[September 30, 2008] New research has revealed that 10% of businesses have seen their costs soar by over a quarter in the last twelve months. One quarter of UK companies have seen a 10% hike in their costs over the same period.
[August 8, 2008] The latest National Business Survey shows that business confidence across the UK has been unsurprisingly shaken over the past year - with other half those surveyed expecting the economic climate to deteriorate for the next 12 months.
[July 31, 2008] The business advisory firm, Deloitte, has announced its analysis of last quarter's business administration figures - which are down slightly on the Q1 2008, but still up overall compared to the same time last year.
[July 25, 2008] New research from a major private bank has provided an interesting insight into the role family-run enterprises have in the UK economy.
[July 11, 2008] New research suggests that small business owners are in it for the long haul, with 28% expecting to run their companies for over 25 years - longer than the average marriage in the UK.
[June 24, 2008] New research from Barclays suggests that entrepreneurs are far from being discouraged by reports of an economic slowdown, with an estimated 98,000 new startups formed in the first three months of 2008.
[June 18, 2008] Small company sales expectations have slipped to a six-year low according to new research. The "credit crunch" and diminishing consumer confidence seems to have hit small retailers the hardest. Smaller construction firms have also been affected.
[June 9, 2008] New research shows that Milton Keynes is the most expensive place to run a small business in Britain outside the capital, followed closely by Cambridge, Oxford and Guildford.
[May 19, 2008] New statistics from a leading accountancy firm suggests that entrepreneurs in the UK are increasingly turning to older workers to plug skills gaps in their businesses.
[May 16, 2008] A new study of over 600,000 small businesses paints a fascinating map of how businesses operate across England and Wales.
[May 1, 2008] Although there are fewer entrepreneurs in the North of England, new research suggests that they are more successful than their Southern counterparts.
[March 26, 2008] A record 471,500 new businesses started up in 2007, the highest annual volume since Barclays started tracking the market in 1988. However, the figures also revealed a significant increase in the number of business closures.
[January 21, 2008] According to new statistics, small and medium sized businesses are owed a staggering £18.6 billion in outstanding payments.
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