Tax Tips

Age Related Allowances - If you will be 65 or more during a tax year, you may qualify for increased allowances, over and above the standard amounts. However, these additional allowances are restricted where total taxable income exceeds the limits set for that tax year

Married Couples Allowance - If you are married or in a civil partnership, and you or your spouse / civil partner were born on or before 5th April 1935, the married couple`s allowance is still available. The amount will depend upon the income level of the highest earner.

State Retirement Pension - If you start to receive a state retirement pension, it is important to remember that this is taxable income. If you are liable to tax your tax code needs to be updated as soon as you start to receive the state pension. The tax office should send you a form about your retirement, which you should send back as quickly as possible as any delay could result in you paying an incorrect amount of tax.