Married? Are you missing out on a tax-break?

Are you married or in a civil partnership? You could be entitled to a £432 tax break thanks to the Marriage Allowance. HMRC estimates that around 4.2 million couples are eligible to reduce their tax payments thanks to this allowance, which was introduced last year. However, only a million people have claimed it so far. Are you one of the three million people missing out? Are you eligible to claim? Marriage allowance was launched on the 6th April 2016. It is aimed at couples where one partner may not be working, or is low waged, ...

Married couples lose out after failing to claim tax break

feet of bride and groom, wedding shoes (soft focus).New figures show that millions of people are paying too much tax, because they are failing to claim the married couples allowance. HMRC (HM Revenue & Customs) has revealed that only one million married couples have claimed the new allowance, out of the 4.2 million who are eligible. The allowance was introduced in April 2015 and is worth £220 in the current tax-year. How does it work? The system works by allowing either a husband, wife, or civil partner to transfer part of their unused Personal ...

Our love affair with ISAs continues

two red balloonsNew figures reveal that that our love affair with ISAs continues, despite low interest rates, which show no sign of increasing anytime soon. The figures, published by HMRC, show that: The number of ISAs taken out in the 2015/16 tax year fell slightly, to 12.7 million, down from 13 million in the year before However, the average amount saved or invested into ISAs rose by 5% to £6,338; only 9% of people subscribed the maximum amount In total £80 billion was salted away into ISAs in the last tax-year ...

5 things we’ve learnt in the first week of Pensions Freedom

5 things we've learnt about pension freedoms in the first weekAfter just a year of ‘development’, the first few days of Pensions Freedom were always going to be interesting. Some people were predicting ‘pension Armageddon’ with thousands rushing to cash in their pension, whilst others thought it would pass more quietly. So what actually happened? Here are five things we’ve learnt in the first week of Pensions Freedom. #1: The pension scammers are out in force Pension scams are nothing new, but the new rules certainly seem to have given scammers and cold callers ...