HMRC will soon send out thousands of so-called “nudge letters” to cryptocurrency investors. What should you do if you receive one? In recent years HMRC has stepped up its use of nudge letters. These are designed to remind taxpayers of their responsibilities to report income or gains through self-assessment or, if they are not registered for self-assessment, to notify it that they have transactions to report. In the past nudge…
Read MorePension Advice and Pitfalls for those aged 75
75 is a momentous age for pension savers. Larger funds could be subject to the LTA charge at 75, and beyond 75 contributions no longer attract tax relief and death benefits will ultimately become taxable. While nothing can be done to avoid any of these events, their impact can be minimised with the appropriate advice, ensuring that your clients and their families are able to maximise the benefits available to…
Read MoreHigher Taxes and Levies
The recently announced rise in National Insurance (NI) and dividend tax was unwelcome news for most workers but especially for business owner managers. What impact can you expect the increases to have on your income? There’s more to the NI and dividend tax increases than was apparent when they were first announced. The first point to note is that the additional 1.25% NI is a temporary measure for 2022/23 only.…
Read MoreWhat are the Covid-19 rules after 19 July?
The Government has announced that it will go ahead with easing Covid-19 restrictions in England on 19 July, but what does this mean? What’s changing on 19 July? The Prime Minister Boris Johnson announced on Monday that the Government plans to press ahead with Stage 4 of the roadmap. This means that from 19 July, almost all Covid lockdown restrictions will be lifted in England. Here’s an overview of what’s…
Read MoreConsidering a Defined Benefit Pension Transfer?
Defined Benefit Pensions A defined benefit (DB) pension, sometimes called a final salary pension, gives you a guaranteed lifetime income that usually increases each year to protect you against inflation. It may also continue being paid to your partner at a reduced rate when you die. When you start taking your pension, you can usually choose to receive a tax-free lump sum in return for giving up some of the…
Read MoreWhat if I have a gap in my NIC record?
You may have gaps or part years in your National Insurance (NI) record due to a number of reasons – for example, you may have been employed on low earnings, or unemployed but not claiming benefits. Those who were self-employed or worked abroad may also have gaps in their record. If your National Insurance record is incomplete you can make up one or more qualifying years by paying voluntary contributions –…
Read MoreAre you missing out on pension contribution relief?
If you make pension contributions personally or through your firm’s workplace scheme you’re entitled to tax relief. However, thousands of people fail to claim this relief to the tune of an estimated £830m each year. Might you be one of those missing out? Statistics Tax relief for pension contributions is not always being claimed. Estimates of the amount unclaimed vary widely but even HMRC has suggested a figure that runs into hundreds…
Read MoreIncrease to the Normal Minimum Pension Age
The Normal Minimum Pension Age (NMPA) is the minimum age at which most pension savers can access their pensions without incurring an unauthorised payments tax charge (unless they are retiring due to ill-health). The NMPA was raised from age 50 to age 55 in 2010 and in 2014, the coalition Government announced that it would be appropriate for the NMPA to be increased again being set broadly at 10 years…
Read MoreBudget – March 2021
Chancellor Rishi Sunak set out the Government’s tax and spending plans in the Budget as the nation continues to deal with the effects of COVID-19
Read MoreLongevity Calculator
Our Longevity Calculator can help give you an indication of how long you may live, based on your age and the quality of your health. It’s based on complex data from the UK Pensions Industry – but it’s important to know that your results aren’t set in stone – they are just an indication of how long you may live. Press ‘continue reading’ to go to the calculator: https://meliorwealth.com/calculators/longevity-calculator/
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