Ever wondered why you’re struggling to make ends meet? Just ask the taxman.
York residents have seen their tax bills increase the fastest of all the Top 50 towns and cities in the UK since the start of the financial crisis.
Taxpayers in York saw the fastest increases, paying 31 per cent more tax in 2009/10 than in 2006/7, the year before the financial crisis. That’s a rise from a mean of £3,730 to £4,890 per annum.
These figures are from national accounting group UHY Hacker Young, based on its analysis of HM Revenue & Customs (HMRC) data.
Taxpayers in York are now ranked 11th out of the Top 50 UK towns and cities for tax, up from 18th before the recession.
The good news is that the average taxpayer has seen their income rise faster (11.4 per cent) than the amount of tax they’re paying.
But there are fewer taxpayers overall, as people lose their jobs in the recession.
Tax Manager at UHY Hacker Young, Rob Durrant Walker (pictured above), said: “Unfortunately, it is possible that the increase in average income of those remaining is partly explained by the lower paid or part time jobs falling outside of the tax regime.
“People in York aren’t having massive pay rises.”
To end on a positive note, he said York’s tourism industry has held up well, and it is emerging as a centre for the technology and science sectors, industries that remained relatively insulated from the worst ravages of the financial crisis.