Check your PAYE tax code The tax code is the identifier that tells an employer how much tax should be deducted from people’s salaries when they get paid. It’s important to check your tax code. If you have multiple employers or pension providers, you may get more than one tax code. If you’re on the wrong…
Even the best laid plans can go awry and with three potential types of pension annual allowances to deal with, it is inevitable that maximising pension contributions for clients might be left close to April 5. ‘How much can I contribute to my pension this year?’ seems a simple question on the face of it,…
UK Inflation will continue to rise due to continuing supply issues and rising energy prices. Average UK Inflation expected to be more than 4% in 2022. Impacting savers with negative real interest rates Tax currently is at its highest as a % of GDP since the 1950s. As announced in September the Health and Social…
If you have been affected by the tapered annual allowance (AA) and have a charge to pay, you can either pay this directly to HM Revenue & Customs (HMRC) or ask the NHS Pension Scheme to pay on your behalf. This option is called Scheme Pays. Earlier this year, figures obtained by Quilter showed 38%…
Are pensions taxable? According to The Compensation Experts, ‘are pensions taxable?’ was searched 5,760 times on Google between May 2020 and April this year. Answer: ‘Your pension is treated as earned income and is subject to income tax. However, it is important to remember that you’re usually able to withdraw 25% of your pension pot…
Reduce the cost of paying for private school fees At an average price of £4541 per term, for many parents the option to send their children to a fee paying school is not an option. However if you wish to consider sending them, what is the best way to save and how can these costs…
Budget 2021 – what you need to know In a Budget dominated by measures aimed at helping businesses and the economy recover from the impact of the coronavirus pandemic, there were also some significant announcements when it comes to your pensions, savings and the tax you pay. Chancellor Rishi Sunak’s second Budget, delivered on 3…
Combining pensions. What you need to consider If you’ve started a new job or have gathered a few different pension plans over the years, it can be tricky to keep on top of what you have. It’s usually possible to combine your pensions into one pot but this comes with pros and cons – we…
Tax planning with redundancy payments Redundancies are an unfortunate consequence of current times. And with the Government’s furlough scheme coming to an end, there may be more employers who will need to make cuts to their workforce. It’s important that those facing redundancy understand what is included in their lump sum payment, how it’s taxed…
Please see below a brief factual summary of the Chancellor’s announcement last Thursday. Employees For the six months from 1 November , the new Job Support Scheme (JSS) will protect viable jobs in businesses who are facing lower demand over the winter months due to COVID-19. Employees for whom JSS claims are made will need…
