Pension Articles

Tax on inherited private pensions

Private pensions facilitate efficient wealth transfer, but it's crucial to assess potential tax liabilities on an inherited private pension. The deceased usually nominates the heir for remaining pension funds with the provider. If the nominated person cannot be located or has passed away, the pension provider may make payments to an alternative recipient. In the instance the owner of a private...

Pension Credit deadline

Pension Credits can provide extra income to those over State Pension age and on a low income. These were first introduced in 2003 to keep retired people out of poverty. Pension Credit can top up: your weekly income to £201.05 if you are single; or your joint weekly income to £306.85 if you have a partner. If your income is higher, you might still be eligible for Pension Credit if you have a...

Tax relief on pension contributions

Taxpayers can usually claim tax relief for their private pension contributions. There is an annual allowance for tax relief on pensions of £60,000 for the current 2023-24 tax year. The annual allowance was £40,000 in 2022-23. There is a three year carry forward rule that allows you to carry forward any unused amount of your annual allowance from the last three tax years if you have made pension...

Pension Credit deadline

Pension Credits can provide extra income to those over State Pension age and on a low income. These were first introduced in 2003 to keep retired...

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Are you self-employed?

Notify HMRC promptly when self-employed, by October 5 after tax year-end, for timely self-assessment and penalty avoidance. Follow HMRC guidelines...

Cost of living final payment 2023-24

The Cost of Living support package has been designed to help over 8 million households in receipt of means tested...

Beware fake tax rebate offers

HMRC continues to warn of the ever-present problem of fraudulent phishing emails, suspicious phone calls and texts. These unwanted emails,...

Importing or exporting for the first time?

When engaging in international trade, navigating regulations can be overwhelming. Utilize HMRC’s digital assistant on GOV.UK for guidance on EORI...

Top-line, bottom-line?

Monitoring small business finances involves more than tracking sales; it requires assessing costs, creating forecasts, and analyzing balance sheets. Regular...

Autumn Finance Bill 2023 update

The Autumn Finance Bill 2023, officially named Finance Bill 2023-24, introduces tax measures like permanent full expensing and extended reliefs....

What is Class 1A NIC?

Employers pay Class 1A NICs on benefits, subject to Income Tax. Special rules and conditions, including no existing Class 1...

Tax on inherited private pensions

Inheriting private pensions involves grasping tax implications, nominations, and rules, considering the owner’s age and limitations for defined benefit pots....

Eligibility for the VAT Flat Rate Scheme

The VAT Flat Rate scheme is for businesses with an expected turnover below £150,000. It involves a fixed percentage of...
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