With allowances frozen or cut, you may have underpaid tax for 2023/24. Your tax position may have changed for the last year without you really noticing. Consider the following: *£1,000 for basic and nil rate taxpayers, £500 for higher rate taxpayers, and nil for...
Many women born in the 1950s should be paid compensation for a shortfall in their pensions according to a new report. The WASPI (Women Against State Pension Inequality) campaign has been running for nine years. In that time, it has consistently argued that women born...
Pension Dashboard Programme Delayed… 12 June 2023 was a day of procrastination for the new Pensions Dashboard Programme, with a new deadline set for 2026. “[The Treasury] should challenge the industry to make a pensions dashboard available to consumers by 2019,...
Not That Interested: savers short-changed on rate hikes. The Bank of England has been looking at the impact of its regular interest rate increases since December 2021, with analysis revealing savers are being short-changed. Every three months the Bank of England...
FCA Takes on Crypto: handle with great care The Financial Conduct Authority (FCA) recently announced a plan for tougher regulations of cryptoassets, such as Bitcoin. Recently published research undertaken for the FCA showed that in August 2022, nearly five million UK...
Tax is too complicated… say the legislators A parliamentary committee has been examining efforts to simplify tax, but progress is still a long way off. Among other things, last year’s ill-fated ‘mini-Budget’ was notable for the swiftness with which Jeremy Hunt...
The Chancellor’s national insurance contribution (NICs) ‘giveaway’ is no match for his income tax ‘takeaway’. The central surprise in Jeremy Hunt’s second Autumn Statement was a major reduction in NICs. • For employees From 6 January 2024, the main class 1...
One of the few surprises in the Spring Budget was the change affecting how child benefit is taxed for higher earners. The high income child benefit charge (HICBC or ‘hicbic’) was introduced in January 2013 to reduce child benefit payments for higher earners. It was...
The Office for National Statistics (ONS) has been sorting through its inflation shopping basket. Every year in March, the ONS announces the results of a review of the approximately 750 items which it uses to compute inflation indices, such as the Consumer Price Index...
One of the many well-trailed announcements in the Spring Budget was the launch of a UK ISA. However, both its arrival and interest may be uncertain. Alongside the Budget, the Treasury published a consultation paper on a possible fifth ISA variant, the UK ISA. To quote...
New calculations issued alongside the Spring Budget show just how higher rate taxpaying status is becoming ever more common. The Office for Budget Responsibility (OBR) received plenty of attention leading up to the Budget. It was widely portrayed in the media as the...
An independent report suggests that the State pension age (SPA) should rise much faster than planned. The next SPA rise begins in under two years with a phased increase to 67 ending in April 2028. Yet, neither main political parties are likely to say much about...
Stay informed with the latest financial insights, from government budget changes to retirement planning. We’ve got you covered.