Raise HMRC tax threshold by £16,000 - and you have until tomorrow to act

Raise HMRC tax threshold by £16,000 - and you have until tomorrow to actThe lowest income tax threshold has remained static at £12,570 since 2021, while wages have steadily risen due to inflation. ‌The basic income tax threshold has been frozen at £12,570 since 2021, whilst salaries have continued to climb in response to inflationary pressures. ‌Millions of taxpayers face a deadline of tomorrow to submit their tax returns to HMRC or risk facing financial penalties. "Freezes to the thresholds at which the basic (20%) and higher (40%) rates of income tax begin to apply are alone expected to raise £39bn a year in 2029-30 (roughly similar to the amount of revenue that would be raised by increasing all rates of income tax by 3.5 percentage points)." By registering for Tax-Free Childcare, parents receive an account specifically for paying childcare costs for children up to age 11.