Keeping you posted
With the tax framework for the next few years now clear, your year end tax planning comes into even sharper focus.
The ‘triple lock’ increase to State pensions offers two important lessons.
A deadline is approaching to boost pension benefits by closing any national insurance contribution (NIC) gaps. Were you in full time employment or self-employment between 2006/07 and 2015/16? If the answer is either ‘no’ or ‘not sure’, time is running out for you to pay any missing NICs for that period.
Scammers and fraudsters conned people in the UK out of £1.3 billion last year, according to official figures. The banking industry group UK Finance pointed out that many frauds were online scams, with victims often left out of pocket as they had seemingly ‘authorised’ fake payments.
Inflation is driving many to raid their ‘rainy day funds’ to cover rising energy and fuel bills. But there are particular concerns that some older savers are also cashing in pension funds early to help make ends meet in the short term, with potentially long-term consequences.
As the economic strain ratchets up, what level of cash savings should you aim to keep to hand?
Some buy-to-let (BTL) investors are facing a costly future. In the post-election Budget of 2015, the then Chancellor announced a change to the tax treatment of interest paid on BTL residential mortgages.
It is not only bank interest rates which are on the up. So far 2022 has been a year of rising interest rates in most of the developed world. The central banks of the UK, US and Eurozone all began the year with their main rates close to zero, and it seems likely that they will still be on an upward trajectory into 2023.
Kwasi Kwarteng’s first set piece as Chancellor of the Exchequer was never going to be easy, even before the 0.5% increase in interest rates the day before. The new Prime Minister Liz Truss revealed much of what we might expect before Mr Kwarteng spoke a word.
After a prolonged period of speculation, the new Prime Minister Liz Truss has announced preliminary details of how the government plans to deal with the energy price crisis.
The war in Ukraine has prompted many people to donate to charities helping those affected. Various schemes are available to boost the value of your charitable donations.
Many younger people now rely on the bank of Mum and Dad to help get them on the housing ladder. But as well as being a useful source of funds, they may also have some important life lessons to impart when it comes to saving towards a more secure financial future.
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