Winter fuel payments to be clawed back via tax system
A government U-turn on the winter fuel payment was announced this week, with a new means-tested threshold. How will this work in practice?
-
Government rushes through NI cap on pension salary sacrifice
The government has already drafted legislation to impose a £2,000 limit on NI exempt pension contributions under salary sacrifice arrangements. What else do we know?
-
Sneaky change is a blow for side hustles
With most of the media focused on the headline-grabbing announcements from the Budget, a read of the published small print reveals another change coming in 2029. It’s bad news if you are an employee with a side hustle, but what’s going on?
-
Sole Trader Versus Company - Beta Test
A calculator for working out your business profits as sole trader or a company
Recent weeks have been rife with speculation that the government would announce a climbdown for the current year, and this has now happened. Under the new system, all pensioners will initially receive the winter fuel payment. For those with incomes above the new threshold of £35,000, this will then be clawed back via PAYE or self-assessment (as applicable). The government has confirmed that this threshold will apply to each individual, not to each household.
The threshold includes all sources of taxable income, so pensions (including the state pension) will be included, but qualifying ISA interest won’t be. It will be possible to opt out of receiving the payment, e.g. where you know your income will exceed the threshold. Crucially, the government has confirmed that nobody will need to register with HMRC as a result of the changes.
This website uses both its own and third-party cookies to analyze our services and navigation on our website in order to improve its contents (analytical purposes: measure visits and sources of web traffic). The legal basis is the consent of the user, except in the case of basic cookies, which are essential to navigate this website.