Last month we explained the details of flexibly accessing a pension pot. We will now explain how it works when you take up this option and, most importantly, how much tax will be deducted at source. Taking all of your… Continue Reading April 2018 – Pension flexibility … continued … How much tax will I pay?
Does this mean spending your pension on exercise classes? No of course not! From April 2015 new rules were brought in to allow you to access your pension pot[s] with much greater freedom than previously. The new rules only apply… Continue Reading March 2018 – Pension Flexibility
The 5th April marks the end of one tax year and the 6th April marks the beginning of the next. This means that new tax codes will be issued soon. HMRC start posting them in January, but not everyone will… Continue Reading February 2018 – Happy new tax year
Self-assessment late filing penalties are issued when a tax return is filed after the official deadlines. For the 2016/17 tax year the deadlines are 31st October 2017 if you file on paper and 31st January 2018 if you file online.… Continue Reading January 2018 – What to do if you receive a Self-Assessment Late Filing Penalty
Following the introduction of the Personal Savings Allowance (PSA) on 6th April 2016, banks and building societies stopped making at-source tax deductions from interest payments. Gross payment of interest became the norm, regardless of the tax position of the account… Continue Reading December 2017 – Tax on savings – simplified or not … you decide
Contacting HMRC has been changing over the last couple of years. After the loss of the local offices, HMRC improved their telephone service so that – in theory – it is easy to get through to, and speak with, the… Continue Reading November 2017 – Hints and tips when contacting HMRC
By the time you read this, the deadline for filing your paper 2016/17 Tax Return (31st October 2017) will have passed. If you normally file on paper but for some reason have failed to do so, don’t panic – you… Continue Reading October 2017 – How to avoid late filing penalties
Pay As you Earn (PAYE) is the system that allows employers and pension providers to collect the tax you owe and pass it on to HMRC. Your tax code is the way they communicate between each other. It generally works… Continue Reading September – 2017 – Thought you understood the tax system?…Think again…Pay As You Earn is changing…
In January this year we wrote about the new tax changes for the 2017/18 tax year. A number of these proposals came into force straight away, such as the tax free personal allowance now £11,500, changes to the inheritance tax… Continue Reading August 2017 – In out, in out, shake it all about!
Don’t miss out! Are you getting all of your allowances? You may be missing out on extra tax allowances just because you haven’t been made aware of them. Most of you will be aware of the personal tax free allowance… Continue Reading July 2017 – Claim your allowances