Your Money - Your Future
News & Views
Navigating the higher-rate tax freeze
Minimising the impact on your personal finances If you’re a higher rate taxpayer, the freeze on the Income Tax threshold will have meant an increase in your tax bill. The reason for the increase stems from the Chancellor’s decision in April 2021 to freeze the higher rate tax threshold rather than increase it in line with inflation. With inflation running at a 40-year high, pay increases will mean more people are being pushed into the higher rate tax bracket. You pay higher rate tax on the portion of income that falls between £50,271 and £150,000 (or between £43,663 and £150,000 in Scotland). Higher rate tax is charged at 40% (or 41% in Scotland). [...]
Tuesday, October 25, 2022Read More
Bank of grandma and grandad
Older generation using the wealth held in their property to help younger generations It’s no secret that many younger people tend to encounter difficulties when seeking to enter the housing market for the first time. The degree to which existing homeowners are now prepared to use their own wealth to help their other family members onto the property ladder has increased notably over the last six years. [...]
Monday, October 17, 2022Read More
Self-employed extremely vulnerable to loss of income
81% aren’t seeking financial advice Self-employed people are at risk of financial hardship if they don’t have sufficient provision in place. Without a regular income, it can be difficult to cover expenses and also save for the future. In many cases, the self-employed are unable to claim for many of the benefits that employees are entitled to, including statutory sick pay. [...]
Monday, October 17, 2022Read More
Inheritance Tax receipts reach £6.1bn
What if I could make my wealth more tax-efficient? We all want to leave a legacy and make sure the ones we care about most are well taken care of when we’re gone. That’s why making plans for Inheritance Tax is so important, to have confidence that your children, grandchildren and those you hold dearest will be taken care of long into the future. [...]
Monday, October 17, 2022Read More
Unretirement
More over-50s returning to work amid cost-of-living crisis Older workers have been leaving the jobs market in their droves over the past two years, partly due to many re-evaluating what they want from their lives and careers during the course of the COVID-19 pandemic, and also due to the devastating impact the pandemic had on the prospects for many older jobseekers, who felt they had no choice but to leave the workforce. [...]
Monday, October 10, 2022Read More
Bridging the gender pensions gap
Women left with half the pension pot, no matter the job We’ve all heard about the gender pay gap, but very few discuss the gender pensions gap, despite the fact so many women experience it. Women’s pensions at retirement are half the size of men’s, regardless of the sector they work in, new research has highlighted[1]. [...]
Monday, October 10, 2022Read More