A useful new web tool has emerged, a little late in the game, in a joint effort from two government departments. In early 2023, HMRC and the Department for Work and Pensions (DWP) found they…
Election tax stories…………………
It’s early days yet, but some pointers on tax have emerged from both the main parties. Within one week of the surprise firing of the general election starting gun, both the Conservatives and Labour have…
How much does retirement cost?
New research has put some surprising numbers on the income needed in retirement. Each year since 2019, the Pensions and Lifetime Savings Association (PLSA) has set about answering the question of how much retirement costs…
An uncertain future for the Triple Lock
In mid-September, the Office for National Statistics (ONS) published the latest earnings data, covering the period May to July 2023. Earnings data has been the focus of much attention recently because a fall in the…
Mitigating rising corporation tax rates
New HMRC statistics have shed some light on how many companies are affected by the recent hike in corporation tax rates. Just over 1.5 million companies paid corporation tax for the financial year to 31…
Deferring your state pension
The current state pension age (SPA) – the earliest age at which you can draw your state pension – is 66. It will be gradually increased to 67 between April 2026 and April 2028. A…
Abolishing the pensions lifetime allowance
Although the lifetime allowance was effectively abolished from April 2023 as the lifetime allowance charge was removed, it has been retained on statute for a year to allow time for the intricacies to be ironed…
Let’s talk about the National insurance gap extension
The normal time limit for a person to fill gaps in their national insurance (NI) record is six years, but transitional arrangements allow gaps to be filled back to 2006/07. The deadline for making such…
The Budget surprise: changes to the pension tax rules
New measures affecting pension allowances announced in the March Budget could mean your retirement planning strategy needs to be reviewed. If Jeremy Hunt did produce a ‘rabbit-out-the-hat’ in his Spring Budget, it was the announcement…
Over-65s set new employment record
The latest data from the Office for National Statistics (ONS) reveals that more people than ever are working beyond age 65. One of the stranger economic statistics of recent times has been the strength of employment…