Category: Pension

Taxable vs. Non-Taxable Income – Do You Need To Put It In Your Tax Return?

Taxable and non-taxable income Yesterday a client asked me about whether insurance payouts were a taxable income for her which got me thinking about writing a post on the less well known forms of taxable and non-taxable income as a quick reference guide for business owners. Some of these may surprise you…. Non-taxable income…

Tax Relief on Pension Contributions

Getting tax relief on pensions means some of your money that would have gone to the government as tax goes into your pension instead. You can put as much as you want into your pension, but there are annual and lifetime limits on how much tax relief you get on your pension contributions.

Airbnb Income – How Will It Impact Me?

In general, money you earn from hosting is income and will be subject to tax. However depending on the amount you earn from hosting, it may or may not need to be declared to HM Revenue & Customs. So what’s the current situation? If you’re renting out your entire or even just a room of…

Your Pension- Part 3

If you are self employed you can build up your pension contributions record to ensure you qualify for the full state pension of £155.65/ week (16/17 tax year) by paying class 2 NI contributions. Class 2 NI is currently £2.80/ week.

Your Pension – Part 2

The state pension is currently £155.65/ week but ONLY if you have completed a full 35 “qualifying” years of contribution through the National Insurance contributions that you pay. Each year that you are short of this number of Qualifying years your pension will be reduced by £4.45/ week. LeeP can help you plan a tax…

Your state Pension – part 1

The pension age this tax year is 65 for men and 63 for women. This will increase to 68 for both sexes. You can calculate what your state pension age will be on the SPA calculator on GOV.UK.