While debt is often seen in negative terms there can be times in life when it is not only a necessity but can lead to a better financial position. That is if is done in the right way. Broadly speaking some debts can be termed as ‘good’. These are ones where the outlay either brings […]
Disappointing interest rates on everyday savings accounts and other investments mean investors and everyday savers are looking for alternative places to put their money. One of these is long-term savings accounts. Long-term savings accounts have several advantages. The primary advantage is they usually offer a higher rate of interest albeit that the money invested is […]
Planning for retirement is no easy task as this is related to lifetime earnings and anticipated needs in later life. People’s needs, or their perceived needs, vary widely. However, there are some facts and figures which can be used to ascertain the minimum amount of money you would need to be able to retire in […]
Benefits in Kind (BIK) cover a number of different perks or additional payments made by employers to their employees. They can include any of the following: Private Healthcare Loans Company cars Gym memberships And much more. The above are all taxable benefits, and it is an employer’s responsibility to ensure they are noted on a […]
The way in which Student Loans are repaid is changing and employers need to be prepared. Currently, graduates and students who have taken out student loans are required to repay their loan when they earn an annual salary of £27,295 or more, with repayments at a rate of nine per cent on any income earned […]
Changes to personal tax allowances and higher interest rates have seen a growing number of people being affected by fiscal drag. Fiscal drag is the phenomenon where taxpayers are pushed into higher tax brackets due to wage increases as they keep pace with inflation. With the UK Government freezing most tax bands until 2028, and […]
The Residence Nil Band Rate (RNRB) was introduced by the Government in 2017 and benefits families passing on their main property to a direct descendent. Since its introduction, millions of families around the UK have benefitted from its ability to minimise Inheritance Tax (IHT) bills. Will the RNRB mean paying less IHT? As of the […]
Residential landlords are the latest group to have been targeted in receiving ‘nudge’ letters from HM Revenue & Customs (HMRC). The letters are part of a targeted ‘nudge’ campaign from HMRC to remind landlords of their obligation to declare their full rental income. What is a ‘nudge’ letter HMRC has used what has become known […]
The High Income Child Benefit Charge (HICBC) was introduced in 2013 and was set up to charge tax on individuals claiming child benefits who were earning a yearly income in excess of £50,000. The tax charges equate to the following: One per cent of the total Child Benefit received for every £100 earned over £50,000 […]
As a business owner, determining the ideal salary for company directors can be tricky. Often, most directors will want to balance their salary and dividend payments to be as tax efficient as possible. The 2023/24 tax year presents an array of factors to consider, such as income tax thresholds, National Insurance contributions (NICS), and personal […]
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