CH Accountants

The Government is taking 3 times the amount on motoring taxes than they’re really spending on highways, according to a number of new findings. Data by the Department for Transport (DtF) reveal that officials are spending only 1 / 3 of motor tax collected from Britons on the roadways. In 2010, petrol taxation raised a huge £27 billion for the Treasury with a further £5 billion derived from vehicle execise duty (VED). However, a brand new survey has shown that in 2010/11 only £5.7 billion was spent on local roads and £3.75 billion was used on nationwide roads. Perhaps they may be in need of a tax calculator to help them to work out all of the figures.

The DfT state that VED has almost doubled within the last 23 years and also the increase in revenue from fuel duty has much more than tripled. The stats found that in 2010/11, £7.6 billion was spent on railways and also £4.9 billion went towards local public transport. Overall, £22.9 billion of public spending was spent on transportation in the UK. These figures, unless carefully monitored, may become mind-boggling for the Treasury to maintain so it is vital they understand their equations and also use an accurate vat calculator.

What’s more, the department has published its findings on the overall cost of motoring which shows that from 1997 to 2010, the total cost including purchase, petrol and also oil, tax and insurance, has gone up slowly and gradually. Her Majesty’s Treasury is the United Kingdom’s economics and also finance ministry however fundamentally they are in control of the Government’s monies. Be responsible of your own finances by working out savings, loans, mortgages and also currency by going to Calculator.co.uk today. Not sure whether you really can afford the monthly repayments on a new car on finance? Simply use a car finance calculator with the specialists.