The Chancellor confirmed that from 6th July he will raise the NIC threshold for employees and the self-employed, so that it matches the £12,570 income tax personal allowance, which will help many taxpayers who are currently facing a cost-of-living squeeze.
Covid-19 has forced us all to think about our own financial situation. The need for financial resilience, stability and control has become front of mind for many when faced with job insecurity or the possibility of falling ill and becoming incapable of working. Furlough is now a thing of the past we hope as we move out of the pandemic to the endemic phase, Omicron notwithstanding.
What is intergenerational financial planning and what does it really mean to a bereaved family on the death of a loved one? We look at the importance of discussions about pension death benefits and in particular the accurate completion of nomination forms. .
The annual allowance is an important number in the pension world. It sets the maximum tax-efficient amount of total contributions in a tax year – from any source – that can be made to pension schemes for your benefit. If the allowance is exceeded, then any tax relief you receive on the excess is effectively clawed back by the annual allowance charge.
Rising inflation continues to represent a challenge to savers, who must at the very least aim to beat it to prevent their money from losing value in real terms. So how can cash savers bridge the gap?
Despite widespread speculation on likely changes to Capital Gains Tax (CGT) and Inheritance Tax (IHT) the Chancellor refrained from any reform of these taxes in 2021. What does this mean for farm businesses?
Tax payers have paid £600m more in Inheritance Tax (IHT) than a year ago. The latest figures from HMRC show that between April and October this year, IHT receipts totalled £3.6bn compared with £3bn in the same period in 2020 – a rise of 20%.
So does this indicate that many families are not aware until it is too late?
The value of the State Pension should not be overlooked as this forms a critical part of a retirement income for nearly all retired households, it will certainly be missed if it is not there.