If your contributions record is sufficient, you will be entitled to the state pension on reaching state pension age. The age at which you reach state pension age depends on when you were born. To qualify for a full single tier state pension (set at £168.60 per week for 2019/20, rising to £175.70 per week…
Pension savings can be tax efficient as contributions to registered pension schemes, attracting tax relief up to certain limits. Limit on tax relief Tax relief is available on private pension contributions to the greater of 100% of earnings and £3,600. This is subject to the annual allowance cap. Tax relief may be given automatically where…
A SIPP is a self-invested personal pension which is set up by an insurance company or specialist SIPP provider. It is attractive to those who wish to manage their own investments. Contribution to a SIPP may be made by both the individual and, where appropriate, by the individual’s employer. Investments The range of potential investment…
Voluntary NICs – should you pay? The payment of National Insurance contributions provides the mechanism by which an individual builds up their entitlement to the state pension and certain contributory benefits. Different classes of contribution provide different benefit entitlements. Employed earners pay Class 1 contributions where their earnings exceed the lower earnings limit – set…
Where income is mainly derived from savings, it is possible to enjoy tax-free savings income of up to £18,500 tax-free in 2019/20 in addition to that held in tax-free wrappers, such as individual savings accounts (ISAs). The ability to enjoy savings income tax-free is made up of three components: the personal allowance;the zero-starting rate for…
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LIMITED COMPANIES: Because there is a difference between the tax rates paid by a limited company and those attracted by an individual, it can be very beneficial to trade as a limited company. The decision to incorporate should, however, only be taken after seeking professional advice.
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