The list below is a collection of articles that refer to, mention or discuss Government.
The dilemma for many people approaching retirement is how much money they need to live on. Research shows that most of us overthink what we need for retirement, believing they will spend at least as much as they are paid in wages. The rule of thumb is making plans for pensions and savings to cover … Read more
Older consumers are a benefit to the economy rather than a drain on resources, according to new research. The over 50s will spend 63p in every £1 in the UK by 2040 – rising from 54p in the £1 in 2018. And the money is spent across the board rather than on specific goods and … Read more
The GAD rate is the way of calculating how much income to take from a capped drawdown pension pot when the money was invested in income generating funds. Capped Drawdown was scrapped when pension freedom rules came into force from April 6, 2015. Although Capped Drawdown is closed to retirement savers, anyone working under the … Read more
You don’t have to be a full time expat to fall under the tax rules of non resident landlord scheme. Although most people would take non-resident as a landlord living permanently outside the UK, the scheme follows a different logic. Strict rules decide how any income tax on property rental profits is paid, so getting … Read more
IRS stands for Internal Revenue Service and is often known as the agency that collects taxes. But what else do they do? How did they start and what is their role in the taxes you pay. Check out this in-depth guide on the Internal Revenue Service and how they work. History The IRS dates back to … Read more
The Foreign Account Tax Compliance Act or FATCA is essential reading for US expats. The rules are aimed at stamping out tax evasion by American taxpayers who hide money or other assets in unreported offshore accounts. The US Internal Revenue Service (IRS) lists offshore avoidance as one of the ‘dirty dozen’ ways taxpayers try to … Read more
Life expectancy in Britain over the past decade has dropped back for the first time in a century. A detailed survey highlights some ‘shocking’ health inequalities across the nation. The sad truth is that the poorer you are and how deprived the area where you live is, the more likely you are to spend more … Read more
A hush-hush tax probe is underway to stop wealthy investors avoiding inheritance tax with family investment companies. HM revenue & Customs set up a special unit to investigate family offices a year ago. The FICs are believed to manage more than £1 trillion in assets which are escaping IHT by exploiting legal loopholes. The main … Read more
Expats will soon collect their coding notices from the tax man, but what does the strange jumble of numbers and letters mean? Recently, tax codes have changed depending on which country in the UK where someone lives. For expats, the tax coding will appear on a Form P60 from HM Revenue & Customs which lets … Read more
Budget 2020 was big on spending but light on cutting taxes – but pension rules have changed for the highest earners. The tapered annual allowance for pensions has been a buffer stopping doctors working longer hours because their pay arrangements meant earning more put them at risk of tax penalties as much of the extra … Read more