Changes ring in as new tax year begins

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As of yesterday, a number of damaging tax hikes and cuts will be brought in at the cost of the UK taxpayer.

The new tax year has now officially begun leading dismayed citizens dubbing the day ‘worse off Wednesday’.

A rise in VAT is just one of the many changes that will affect all UK citizens. However, there are further changes that will seriously restrict the cash of UK households throughout the land.

One of the more controversial changes is the lowering of the high tax rate threshold. Anyone who earns £42,475 or more will now have to pay the 40 percent tax rate, it is expected that around 750,000 more people will face the high rate due to this change.

Compounding this tax hike is a raise in National Insurance contributions, all in all this is when the UK age of austerity kicks in.

Citizens of the UK are becoming increasingly disillusioned and continued tax increases threaten to send Britain’s skilled workers in to the waiting arms of other nations. Over the last year surveys and reports show that more and more Brits are choosing the move abroad and become expatriates- and the high cost of living in the UK has routinely been cited as a chief factor.