There’s lots of talk about the Chancellor’s plans to play around with pension tax relief at his Budget in a couple of weeks. So here’s a short video explaining how it currently works. It might or might not still work the same way after the Budget, who knows!
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I was talking to a friend this week who has been living in Spain for a number of years now and was asking me about the best way for him to access benefits from a pension he has siting with an insurance company in the UK. He wants to take some money out of it to help him over the…
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We’re now well into October and you only have a matter of weeks left if you are one of the 3 million or so taxpayers who still file a paper tax return each year. October 31st is the deadline for paper eturns to be received by HMRC. Note I said received by, not sent to. There is a difference!
And it is a difference that could cost you a £100 fine! That’s the automatic penalty you will be hit with if HMRC ask you to complete a Tax Return and you don’t comply.
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Under the ‘What will happen’ section of the form I was then told that
“The Tax Repayment Agency will retain 40% excluding VAT for processing and administration. Terms & Conditions at www.taxrebate.co.uk\terms.pdf”
Forty percent! Wow. for doing something that I could do myself!
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