So after much speculation by the media, the Chancellor of the Exchequer, George Osborne has announced in the Budget today what the increase in the UK personal allowance will be for the tax year 2013-14. Continue reading New Personal Allowance Set in Budget
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UK Budget Today
The Uk Budget statement from the Chancellor of the Exchequer, George Osborne, takes place today at 12.30pm. There have been many assumptions as to what will be announced in the budget but for the sake of clarity we will be leaving any announcements here until they actually take place. Continue reading UK Budget Today
Tax Relief on Pension Contributions
There have been many many changes to how pension schemes are run and the tax relief on not only pension schemes but also pension scheme contributions in the last decade and indeed further back. Pensions are such a confusing thing to so many people that they take one look at the rules and regulations for pensions and decide they are too complicated and put them to one side. Continue reading Tax Relief on Pension Contributions
Debate on £10,000 Personal Allowance
Since the Liberal Democrats announced that they were planning on increasing the personal allowance to £10,000 for all UK taxpayers (excluding high earners), there have been a lot of media reports on how this increase will actually not help low earners but instead will help the higher earners to pay less tax. Continue reading Debate on £10,000 Personal Allowance
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?
What Is The Personal Allowance for 2012-13?
The personal allowance, i.e the amount of tax free income that you can earn, for the tax year 2012-13 is £8,105 for a person under the age of 65. This is subject to your earnings not exceeding £100,000 and has been increased from the previous year when the rate was £7,475. The aim is the have a personal allowance of £10,000 for everyone and this is being introduced gradually. Continue reading What Is The Personal Allowance for 2012-13?
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?
Blind Person’s Allowance
If you are registered blind then, in addition to the standard single person’s allowance, you are also entitled to a blind person’s allowance which amounts to £1,980 for the tax year 2011-12. This will be increased to £2,100 for the tax year 2012-13. Continue reading Blind Person’s Allowance