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. 

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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…

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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. 

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Planning for nursing homes & Inheritance tax planning

The average cost for a nursing home is now £41,000 a year. Funding is available from the local authority but only if the assets of the elderly person are less than £23,250. If their assets are between £23,250 and £14,350 they will have to be means tested. Some people choose to give their assets to…

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LeeP Accountants Tip #27 – Review the business structure

Sole traders working from home should consider setting up a limited company to benefit from lower business rates. This would enable them to pay corporation tax, currently at 20% but which will drop to 17% by 2020, instead of income tax at 20% or 40% for higher rate taxpayers.  

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A summary of the Spring Budget 8th March 2017 -LeeP Accountants

Personal Tax Personal Tax allowance The personal allowances for 2017-18 is £11,500 (2016-17: £11,000). Transferrable allowances The maximum amount of free personal allowance that can be transferred between spouses is increased to £1,150 in 2017-18. Couples can only make a claim if one partner has spare personal tax allowance and the other is a basic…

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LeeP Accountant Tip#25 – Hire an Accountant

Obviously. Although perspective clients may initially baulk at committing to additional costs, accountants can save businesses significant amounts of time and money by managing their financial affairs and alleviate the stress associated with paying tax bills. We can also take away the hassle of dealing with HMRC and being on hold which I know is…

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