Dealing with tax matters after the death of a relative can be tricky as well as upsetting. One thing you may be wondering about is if they still have a full personal allowance in the tax year of their death so that you are able to deal with their taxes and income for that year. Continue reading Personal Allowance in the Year of Death
Tag Archives: tax
Over 65 Allowance Reduces With Income
If you are over 65 and expecting to receive the higher rate of personal allowance due to your age, then you need to be aware that the increased personal allowance for those aged 65 and over (and indeed the even higher personal allowance for those aged 75 and over) can be reduced to the level of the basic personal allowance if your income is higher than a certain level. For the tax year 2011-12 this amount is £24,000 and for the year 2012-13 the amount is £25,400. Continue reading Over 65 Allowance Reduces With Income
When is the UK Budget for 2012?
The UK budget generally takes place in March of each year although there is provision to have an interim emergency budget which did happen in October 2010. If you are wondering ‘when is the UK budget?‘ then the answer is that it will take place on Wednesday 21st March 2012 at 12.30pm. Continue reading When is the UK Budget for 2012?
Is My Pension Taxed?
If you are about to retire, whether that be from taking a private pension or your State pension, you may wonder if your pension will be taxed. Continue reading Is My Pension Taxed?
Do I Still Pay Tax When I Retire?
Many people are under the impression that when they retire they will no longer have to pay any tax. Unfortunately this is not true. There is one benefit of reaching State Pension Age and that is that you no longer have to pay National Insurance Contributions. However, tax is another matter. Continue reading Do I Still Pay Tax When I Retire?
UK Personal Allowance 2010
Each person is entitled to a personal allowance in each tax year to offset against their earnings. The personal allowance is an amount of money that they can earn before having to pay any tax.
The personal allowance varies from year to year and the increases are usually in line with the increase in the retail prices index. Continue reading UK Personal Allowance 2010