In the UK, we are faced with the challenge of an ageing population. Many of us will live longer than we might have expected. Already, 2.4% of the population is aged over 85. Because of improvements in healthcare and nutrition, this figure only looks set to rise.
The Office of National Statistics currently estimates that 10.1% of men and 14.8% of women born in 1981 will live to 100. A demographic shift to an older population brings unprecedented change to the way the country would operate, from the healthcare system to the world of work.
In addition, a long life and subsequently a long retirement, bring challenges of their own from a personal financial planning perspective.
HMRC is striving to revolutionise the UK tax system and plans to do that through the Making Tax Digital (MTD) initiative. HMRC wants to be the most efficient tax authority in the world, and embracing the use of digital data appears to be the path towards that. The current system can be scrutinised for not being effective enough, efficient enough or straightforward enough for taxpayers. By bringing in a completely digitalised tax system by 2020, HMRC aims to make those problems a thing of the past whilst also bringing down the overheads involved in managing UK tax affairs. Continue reading →
University is always going to be at least partially a both for prospective students and their parents, or whoever they rely on financially. Calculating the rising total bill for tuition fees and cost of living for a degree course can make university seem like an impossibility for some. But it’s essential that all involved carry out proper research into the cost of higher education before making a decision about the future, rather than letting sensationalist reporting in the media surrounding student debt scare them away. Continue reading →
One of the key advantages of saving for your retirement through a pension scheme is the tax relief you receive on the money you contribute, usually available at your usual rate of tax. The ‘Annual Allowance’ limits the amount of contributions both you and your employer can make to your pension in a year which benefit from tax relief, and is currently set at £40,000. Continue reading →
Whether you’re someone who prides themselves on having their accounts in order every year, or you’ve just had yet another last-minute scramble to submit your tax return before the deadline at the end of January, the start of a new calendar year is a great time to review your books and ensure they’re all in order for the twelve months ahead. Here are our top four tips for 2018 in terms of your accounts, ensuring your bottom line is secure and most likely giving it a bit of a boost too. Continue reading →
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