| UPDATED: 15:22, Sun, Jan 24, 2021
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State pension income can make up a significant part of a person s income during retirement. Currently, the full new state pension is £175.20 per week - and it s set to rise by 2.5 percent in April 2021.
| UPDATED: 15:48, Wed, Jan 20, 2021
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January is a time in which many people will be planning their finances for the year ahead. It s also the month in which those who need to file a Self-Assessment Tax Return must ensure they have done so, with the deadline falling at the end of the month.
Child benefit deadline looms for claimants that could lead to charge
The deadline is not far away
Child benefit is paid to millions of people (Image: Shared Content Unit)
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A deadline is looming for some recipients of child benefit to pay tax on what they get.
Child benefit is paid to millions of people (Image: Shared Content Unit)
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A deadline is looming for some recipients of child benefit to pay tax on what they get.
If a person has an individual income of more than £50,000, and certain circumstances apply, they may need to pay a tax on their child benefit.
Gifts made last year can be deducted from income for the tax year 2019-20. Charitable gifts made in the current year can be claimed in the previous one too, which could be beneficial if income has fallen this year.
Kay went on to examine pension options: Pension savings made by the individual also reduce taxable income and may restore eligibility for Child Benefit.
Pension savings made by the self-employed and by employees into their own private pensions receive 20 percent tax relief at source – yet those with income over £50,000 (£43,430 in Scotland) are entitled to an additional 20 percent (21 percent if resident in Scotland). This additional relief can be claimed when completing a tax return.