More than 670,000 18-22 year olds, yet to claim their Child Trust Fund, are reminded to cash in their stash as HM Revenue and Customs (HMRC) reveals the average savings pot is worth £2,212.Child Trust Funds are long term, tax-free savings accounts which were set up, with the government depositing £250, for every child born…
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Penalties for late filing of company accounts
There are late filing penalties which are designed to encourage companies to file their accounts and reports on time. All companies, private and public, large or small, trading or non-trading must send their accounts to Companies House. A penalty is automatically imposed by Companies House if the accounts are late.The table of penalties for late submission…
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Do not miss out on Home Responsibilities Protection
HMRC together with the Department for Work and Pensions (DWP) have issued a press release urging tens of thousands of people to check if they are eligible to boost their State Pension utilising Home Responsibility Protection (HRP).This HRP scheme has helped protect parents' and carers' State Pension. HRP reduces the number of qualifying years a person with…
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Higher rate relief pension contributions
You can typically claim tax relief on private pension contributions up to 100% of your annual earnings, subject to certain limits. Tax relief is applied at your highest rate of income tax, meaning:Basic rate taxpayers receive 20% pension tax reliefHigher rate taxpayers can claim 40% pension tax reliefAdditional rate taxpayers can claim 45% pension tax…
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