Carl Lamb, managing director of Almary Green Archant Our reader this week is self employed, and wants to know if they need to take out a work, as well as a state, pension scheme? Carl Lamb of Almary Green provides the answers. I’m age 42 and went self-employed in October. I’ve registered to pay National Insurance to make sure I get my stamp for my state pension but do I need to take out a work pension too? I know that company pensions are compulsory now but does that apply to the self-employed?Almary Green Response It’s not compulsory to take out a workplace pension if you are self-employed, so you are not obliged to do so. However, it is really important to think about building a pension pot for your retirement: your state pension will only bring up to around £8,500 per year (based on the maximum entitlement for the current tax year) which is unlikely to meet all your needs in retirement, unless you have already built up a sizeable pension pot while you … [Read more...] about Ask the Expert: I’m self employed, do I need a workplace pension as well as a state pension?
Do i need to pay taxes
Carl Lamb, managing director of Almary Green Archant Our reader this week is worried that giving Christmas gifts to her grandchildren could push her over the annual gift allowance. So should she be a little less generous? Carl Lamb of Almary Green responds. I’m beginning to plan what I’m going to give my children, grandchildren and great grandchildren for Christmas this year. I usually give them money of £50 each for my 18 great grandchildren, £150 each for my nine grandchildren and £250 each for my four children, but there are so many great grandchildren now, it’s going to take me above the £3,000 a year total gift allowance. Do I need to cut the amounts down now?Response from Carl Lamb of Almary GreenAnnual gift allowances are essentially there to stop people giving large amounts of money away to avoid paying Inheritance Tax. The £3,000 is the total annual figure that you can give away without it being potentially considered as part of … [Read more...] about Ask the Expert: Do I need to cut down on my grandchildren’s Christmas presents?
1. Get a three-month headstart (at least) Competition is fierce when it comes to renting an apartment in Paris, so get planning early. For the short-term stays we recommend that you book your apartment at least three months before, or six months for the long-term stays. If you do it too late, you might miss an opportunity - not to mention that some owners might think that you're going to change your mind seeing as you'd be operating at the last minute. Photo: AFP 2. Learn the prices per square metre across Paris The price for your surface area changes in different parts of the city, and this is good to know when you're figuring out your budget. The price per sqm is highest in the 1st arrondissement of Paris (at €30.70 per sqm), for example, while it's lowest in the 19th arrondissement at €22.80. Most people think that they need to break the bank to live in a big Paris apartment, … [Read more...] about Renting in Paris: Ten things you need to know about apartment hunting
QUESTION: I have a Buy to Let property, but because of the size of the mortgage, I do not make any profit from it. I am employed and have never submitted a tax return before- do I need to now?ANSWER: What with mortgage interest, repairs and empty periods to deal with, most buy-to-let property investors sometimes make a rental loss on their property. They then want to know whether they can claim any sort of tax refund or tax relief on that loss. It sounds reasonable, but unfortunately the tax system is not very generous about rental losses.If there is more than one rental property (other than a furnished holiday property), each year the profit or loss on each one is added together, and the owner is taxed on the net total. So if there are a handful of properties, some of which make a profit and some of which make a loss, and the losses are less than the profits, then there will be full, immediate, automatic tax relief. If the rental losses are more than the rental profits, there will be … [Read more...] about Property losses – do I need to do a tax return?
ENGLAND is heading back to the polls TODAY for the local elections. Here's all you need to know about the next democratic contest in the UK, which could put Theresa May and Jeremy Corbyn under pressure should their parties perform badly. When are the local elections? Polling day for the local elections is TODAY, May 3, 2018, as 156 councils go up for grabs in England. Voting can be done in a number of ways – by proxy, by post, or in person. Those voting in person will need to head to their local polling station to cast their ballot. Voting is normally held in a large local building, such as a school, community centre or church. The location of your polling station will be on the poll card sent to you. If you can’t find the poll card, you can contact your local authority to find out. You can find contact details for your local Electoral Registration Office on the government website. Which ward am I in? Local elections are broken down by wards which each elect a … [Read more...] about Local elections 2018 voting day is TODAY! Who are the candidates in my ward, do I have to vote and how often do elections get held?