Know your allowances for the 2020/21 tax year

We’re now a couple of months into a new tax year and it’s a perfect time to ensure you’re up to date with this year’s allowances. Some changes were made in the Budget earlier this year, and at the start of April, but due to the dominant global events during 2020 so far you might have missed them. Here are the allowances you’ll need to be aware of when planning for the year ahead. 1. Pension Annual Allowance There was no change to the Annual Allowance. This is the amount you can contribute to ...

One in five baby boomers is a millionaire: Why it’s important to keep track of your wealth

Since the financial crisis, wealth among the baby boomer generation has almost doubled, according to research. With more baby boomers than ever now considered millionaires, it’s crucial they keep track of their wealth and reflect the returns in their plans. Benefitting from rising house prices, stock market gains and Final Salary pensions, the research indicates that one in five people over 65 are now millionaires when all assets are considered. Prior to the financial crisis, the same could be said for just 7% of those over 65. ...

“Scrap tax changes” – every residential landlord

New research from Paragon Mortgages reveals that most Buy to Let (BTL) landlords want the Government to reverse changes made to the way BTL investments are taxed. It may sound a little obvious, but the Paragon Mortgages PRS Trends report shows that landlords are aware of the changes in the way that BTL will be taxed. In the first quarter of 2017, 88% said that they fully understood the implications of tax relief changes, up from 71% six months prior. The Paragon PRS Trend report surveyed 201 residential landlords, asking what single ...

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, ...