“New call for £15,000 personal tax allowance threshold for people on State Pension”

Feb 21, 2024 | Tax

Currently around 11m of us file a tax return by that awful deadline of 31st Jan. That might sound like a lot, but is only around a third of those who actually pay tax. There are many who don’t currently pay tax, and many who will or should be tax returning next year; but most won’t realise they should. Increases in interest rates, for instance, mean that if you have anything around £25-30,000 in a halfway-decent bank account, you’ll be earning enough interest to have to declare it. And next year, the good news that state pensions will go up by 8.5% brings the bad news that many, again, will have to start paying tax on them. Popular misconception: they’ll tell you if you need to send a return. No, it’s up to you to declare any tax you think you might owe. Chaos ensuing, I’d say.

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“More than a third of pots non-advised when entering drawdown”

“More than a third of pots non-advised when entering drawdown”

Three headlines this week which should give rise to at least a bit of concern amongst the adviser community. More than should be are taking money, taxable as well as tax-free, from their pensions without taking advice; which might be fine, but how it’s done can have a big effect on both tax and what might be left for the future.

“TV presenter wins 10-year IR35 battle against HMRC”

“TV presenter wins 10-year IR35 battle against HMRC”

The infamous ‘IR35’ dates from the Gordon Brown (kids etc.) era. It was intended to stop contractors effectively working for companies as if self-employed and avoiding many of the costs, NI for one, of being employed; for both the non-employee and employer.