URGENT Deadline for 2019/2020 tax rebates
Tax Rebate Services
by pauldonohoe
11h ago
The deadline to claim a tax rebate back from the 2019/2020 tax year is fast approaching on the 5 April 2024. HMRC guidelines state that a tax refund cannot normally be requested beyond four tax years following the conclusion of the relevant tax year. It’s important to remember that HMRC works in tax years (from 6 April to the following 5 April) and not calendar years. To illustrate if you are claiming a refund for the tax year 2019/20, which concluded on 5th April 2020, your claim must be made before 5th April 2024. The deadline of “by 5th April,” means that HMRC should receive your claim for ..read more
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Pension Tax for the 2024/2025 tax year
Tax Rebate Services
by pauldonohoe
11h ago
Tax year 2024/2025 starts on the April 6 2024 so if you’re already receiving pension income or in the process of preparing for retirement, you might be curious about the tax implications for your income from the state or other type of pension provider. Some good news is that the state pension is scheduled to rise by 8.5% in April 2024, marking the second largest increase ever recorded for the state pension. As a result of this adjustment, individuals who are eligible for a full state pension will now receive £221.20 per week (£11,502 per year), an increase from the previous amount of £203.85 ..read more
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ISA Allowance 2024/2025: What You Need to Know
Tax Rebate Services
by pauldonohoe
1w ago
The Individual Savings Account (ISA) is a popular investment vehicle offering tax advantages to individuals looking to save and invest for the future. While several changes are set to take place to ISA’s in April 2024 certain aspects will remain the same. The ISA landscape is constantly evolving so it’s best practice to keep up to date with any ISA allowance and rule changes for the 2024/2025 tax year so you know how they might impact your savings and investment strategies. What is the ISA allowance for the 2024/2025 tax year? The tax free ISA allowance will remain unchanged at £20,000 for th ..read more
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How to Start Promoting a Small Business without Spending a Fortune
Tax Rebate Services
by pauldonohoe
1w ago
If you are a sole trader that has recently set up in business there’s no doubt you’ve taken care of the essentials. Registering your business, bookkeeping, accounting, tax and self-assessment returns. Now you’re all set up and ready to go but how do you bring customers to your door? Clients to your services and followers to your business? Why Would You Listen to Me? I help start-ups and household names promote their businesses online for the least amount of money possible. Using a unique combination of PR, SEO, Marketing and Copywriting. I make sure brands are noticed without shelling out for ..read more
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£1,260 Child Benefit boost for around 500,000 families
Tax Rebate Services
by pauldonohoe
3w ago
In the Spring 2024 budget the Chancellor has announced that approximately 500,000 households will be on average £1,260 better off by April 2025 due to an increase in the high income child benefit charge (HICBC). The threshold for the high income child benefit charge will be raised to £60,000 starting from April 6, 2024. It’s expected to take 170,000 families out of having to pay the HICBC for the 2024/2025 tax year. The HICBC is gradually reduced, so if you or your partner earn between £60,000 and £80,000, it may still be financially beneficial for you to make a claim. For example, you will i ..read more
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National Insurance to be cut again saving on average £450 per year
Tax Rebate Services
by pauldonohoe
3w ago
In Jeremy Hunt’s spring 2024 budget he announced plans to reduce national insurance by 2p marking another significant decrease in employment taxes within one year. This decision follows his previous move to lower national insurance rates by 2p during last year’s autumn statement which we reported on in December. The extra reduction in national insurance should provide an annual saving of £450 for the average earner. Adding todays 2 percent reduction to the earlier decrease in Decemeber 2023 translates to a one third decrease in the main rate of national insurance, resulting in an average work ..read more
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Are you missing out on Pension Credit?
Tax Rebate Services
by pauldonohoe
3w ago
In the UK there are approximately 1.4 million retired individuals who are eligible to receive pension credit. The purpose of pension credit is to give eligible pensioners some additional financial support to help cover the costs of daily living expenses. Pension credit is a weekly benefit paid by the DWP to individuals and couples of state pension age who have a lower income. In 2023 the government highlighted that a significant number of pensioners are not taking advantage of this valuable financial assistance. Government estimations were that around 850,000 eligible households are not claim ..read more
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How much is Pension Credit for the 2024/2025 tax year?
Tax Rebate Services
by pauldonohoe
3w ago
The government has announced that the standard minimum guarantee for pension credit will rise by 8.5% in the 2024/2025 tax year which starts on the 6 April 2024. For individuals who are making a single claim the pension credit will be valued at £218.15 per week from £201.05 in the 23/24 tax year. If you are making a joint claim the pension credit will amount to £332.95 for both individuals which is an increase from £306.85 in the previous tax year. That’s a minimum increase in pension credit of £17.10 and £26.10 respectively with further increases if you are entitled to an additional amount d ..read more
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Over 2.5 million to owe tax on savings from the 23/24 tax year
Tax Rebate Services
by pauldonohoe
1M ago
If you have been using high yield savings accounts with interest rates often exceeding 5%, you might be facing tax on your savings this year, depending on the amount you’ve accumulated. It’s projected that a significant number of individuals will encounter the obligation of paying tax on savings for the first time during this tax year. The surge in interest rates is the main reason behind the increase in the number of savers who may find themselves subject to income tax on their savings. In some instances a basic rate taxpayer with a savings pot of £16,667 could find themselves liable for tax ..read more
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What is the 40% tax bracket for the 24/25 tax year?
Tax Rebate Services
by pauldonohoe
1M ago
The 40% tax bracket is an important milestone for all taxpayers in the 2024/2025 tax year because becoming a higher rate taxpayer can mean that substantially more tax will be taken from you. Higher rate tax (40%) is applicable to both employed and self employed individuals living in England, Northern Ireland and Wales. Knowing when the 2024/2025 40% tax rate starts for you is important so you can work out how much of your income will be taxed at the higher rate. The rate of 40% means high income earners usually have to pay a higher percentage than the basic 20% rate on their savings and incom ..read more
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