Budget 2012 – Key Points
Income tax From April 2013, the 50p top rate of tax will be cut to 45p. Personal income tax allowance raised to £9,205 from April 2013, making 24 million people £220 a year better off. New general anti-tax avoidance rule … Continue reading
How pensions are taxed
As you reach retirement age, you may find that you receive income from several different sources, such as private and state pensions, savings and investments. You may also still have income from employment or self-employment if you continue to work. … Continue reading
1.2 million owe tax after HMRC error
Many of those affected have recently retired and started drawing a pension for the first time. They may have to repay more than £1,000. Another 3.5million could get rebates from HM Revenue and Customs because of the Pay As You … Continue reading
Any tax or accountancy questions you would like answering?
Debbie Story writes an editorial for a magazine each month. She gives clear and simple explanations to tax and accountancy questions, tips and advice. Click here to see the June issue. Do you have any tax or accountancy questions that you … Continue reading
State pensions – How the government’s plans could affect you
Good link to how the government’s plans could affect you. http://www.bbc.co.uk/news/business-13061754 Simple explanation of the issue of the potential cessation of ‘contracting out’ of second state pension and the additional cost involved.
Key tax changes from today (2011/12 verses 2010/11)
The new tax year starts today, bringing with it some changes to the system – including a rise in National Insurance contributions. Detailed below are the key changes. Income tax More tax payers will be included in a higher tax … Continue reading
New flat-rate state pension plans unveiled – plans as expected, still 2 options
Plans for a new flat-rate state pension and a system to automatically raise the pension age have been formally published. http://www.bbc.co.uk/news/business-12954888 Debbie Story comments – No new surprises in the plans. 2 options still to decide between. Option 1 -a new … Continue reading
Budget 2011: George Osborne’s key points
The key points of Chancellor George Osborne’s Budget on 23 March 2011. INCOME TAX No personal tax increases Personal tax allowance to rise a further £630 to £8,015 in April 2012 Consultation on long-term plan to merge income tax and … Continue reading
Budget 2011: What we already know
Tomorrow Chancellor George Osborne will give his annual budget speech. Some of the biggest changes that we already know about are: Income tax The point at which any income tax starts to be paid – known as the personal allowance … Continue reading
Tax planning before 5 April – Maximise pension contributions
Pensions remain among the most tax efficient investments, especially if you are a higher-rate tax payer. From April, 40 per cent taxpayers will get full tax relief on all pension contributions up to £50,000. This is less than you can … Continue reading
