Omar Bahaga

The Pensions Dashboards Programme is answering your most frequently asked questions. Question: What are the benefits of pensions dashboards for consumers? #pensionsdashboards #pensions

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What’s the difference? PRINCIPAL & INTEREST P&I means your payments cover both the loan amount and the interest. And this means you can gradually reduce the balance of your loan over time. INTEREST ONLY IO allows you to only pay the interest on your loan for a set period of time. This normally means your repayments are lower in the beginning, but they will increase after the set period to cover principal too, and unless you house increases in value you won’t build up any equity. If you have any questions on what’s best for you, then we recommend you reach out to a finance broker.

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📊 #FinanceFridays: 7 Tax Allowances with Charlotte Jamieson 💰 Personal Allowance: The personal allowance remains at £12,570 for the 2024/25 tax year. This is the amount of income you can earn before paying income tax. 💑 Marriage Allowance: If you or your spouse/civil partner don’t fully utilise your personal allowance, consider transferring up to 10% of the unused amount to each other using the Marriage Allowance. The receiving spouse must be a basic rate taxpayer. 📉 Basic Rate Band: Income between £12,570 and £50,270 will be taxed at the basic rate of 20%. Beyond this, income is taxed at 40%. The additional rate of 45% starts at £125,140. 💸 High Earners Quirk: Earning between £100,000 and £125,140? Beware! You might face a whopping 60% tax on this portion due to the tapering of your tax-free personal allowance. 💡 Savings Allowances: Basic rate taxpayers have a £1,000 savings allowance, while higher rate taxpayers get £500. Additional rate taxpayers lose this allowance entirely. 🏦 Interest Income: With increased interest rates, remember that interest is paid gross. You’ll need to pay tax on interest exceeding the threshold. 👶 Child Benefit Changes: If you earn over £50,000, child benefit is clawed back via the tax system. From 6 April, the charge kicks in at £60,000, and the penalty rate is halved—full loss occurs at £80,000. Stay tuned for our next #FinanceFridays from the team! 😊👍 Chartered Insurance Institute Personal Finance Society

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Payments on Account are advance payments towards your personal tax and, where relevant, your Class 4 National Insurance bill. The Second Payment on Account must be made by 31st July. Find more information about Payments on Account on our website: https://lnkd.in/ee2u36SA #accountancy #accounting #tax

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➡ Capital Gains Tax ➡ Dividend Allowance ➡ Personal Savings Allowance Find them all in one place in the handy Tax Checklist of The Private Office (TPO). Download it here 📩: https://lnkd.in/e5FNjjPH #personaltax #personalallowance #savings

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Salary Arrears: Definition, Processing and Payments Salary arrears are payments that a company owes its employees for work that they have already done. They are payments that the company has yet to pay to an employee. Kindly read this article to know more #CLOVEHR #CLOVEHRMS #SALARYARREARS #SALARYARREARSEXAMPLE #SALARYARREARSININDIA #hrsoftware

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Have frozen and cut allowances left you with an underpaid tax bill for 2023/24? Check now ⬇️ https://lnkd.in/edseCP53 #Tax #TaxPlanning #FinancialPlanning

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Income tax in the UK is a government levy on individuals' earnings used to fund public services. Rates vary by income, with a tax-free allowance. Employers deduct tax via PAYE. Reporting income tax is mandatory for taxpayers to ensure compliance.

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📢 Bank of England announce interest rates to stay unchanged! 📢 The Bank of England announced yesterday that interest rates have been left unchanged at 5.25% for a seventh consecutive month, their highest level for 16 years. This is in an effort to combat inflation, leading to higher mortgage repayments but also higher savings rates. The Bank of England has opened the door to cutting interest rates in August in what would be the first drop in borrowing costs for more than four years. The next announcement from the Bank of England is due on 1st August. 01481 727347 | info@oraclefinance.gg | www.oraclefinance.gg #bankofengland #interestrates

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🏦 Bank of England Update: Interest Rates to Stay Put for Now 📉 The Bank of England is set to announce its latest interest rates decision this week, and it looks like borrowers will have to wait a little longer for any rate cuts. Policymakers are holding out for stronger signs that the cost-of-living crisis is easing before making any changes. Economists widely expect the Monetary Policy Committee to keep rates at the current level of 5.25%. Rates have remained unchanged since August last year, and while there was one vote in favour of a rate cut at the last meeting in March, the majority voted for no change. Experts suggest that the committee is gradually moving towards a rate cut but may not be ready to take action just yet. It's likely that the Bank rate will remain at 5.25% for the sixth consecutive meeting. Data on services inflation and private sector regular pay growth has dampened hopes of a rate cut in May, according to Andrew Goodwin, chief UK economist for Oxford Economics. However, economists at HSBC anticipate the first rate cut to come in June. #BankofEngland #InterestRates #EconomicUpdate #contractor #contractors #contracting

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Looking for Tax relief? For many people in the UK, pensions and ISAs remain the most popular and tax-friendly ways to save. So, as we're now paying the highest amount of tax in 70 years according to the OECD1*, it's more important than ever to make the most of the tax savings opportunities: https://lnkd.in/ddtXUfQ9 *Source: 1OECD Revenue Statistics 2023, accessed Feb 2024 #financialplanning#taxrelief#financialadvice

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Starling Bank announces a breakthrough year with a 55% increase in annual pre-tax profit, reaching £301.1M for the year ending March 2023! Revenues climbed 51% to £682.2M, fueled by a 53% increase in our loan book and a 4% rise in customer deposits, now totaling £11B. Our innovative software platform, Engine, is empowering banks worldwide. Despite consistent profitability, we're strategically pacing our IPO plans. 🏦 Discover how we're shaping the future of banking. Read the full story at https://lnkd.in/eQcdpb8x #StarlingBank #Fintech #Growth #BankingInnovation #EngineByStarling

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The Bank of England has held the current interest rate at 5.25% for the sixth time in a row. However, the Bank of England Governor Andrew Bailey said he was “optimistic that things are moving in the right direction”, with the Bank expecting inflation to fall “close” to its 2% target in the next couple of months. City analysts are now forecasting two or three base rate cuts this year, with the first reduction expected to take place in August. Click here to read Mark Dickety's blog in full - https://lnkd.in/gtidY4SX #mortgages #mortgagerates #interestrates

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**SAVINGS RATES UPDATE** Inflation comes in at 2% with an MPC meet tomorrow - what do you think happens? No change is our prediction. Atom bank make slight reductions of around around 2% across their fixed rate stack, lowering their 5 yr by over 4%. Zenith Bank Plc raise rates on their 1, 2 & 3 yr fixes Saffron Building Society lowers it's easy access account to 4.5% Vanquis Bank lift their 90 day fix to 5.35% leading this market by 10 bps vs Investec's 90 day notice at 5.25% Chetwood Financial Limited add 1 bp to their 1 yr fix at 5.17% Amplifi Capital lift their 1 yr fix 2 bps to 5.22% taking the lead in the 1 yr fix market. More rate changes to come today? Stay informed by checking out the Daily Rate Change browser: https://lnkd.in/gRnJ94-v See the video 👇 for an overview of the Daily Rate Change browser, it's ability to call-up historical data and export to excel. Savings Index provides real time, web-based savings rate analytics tools and monitors, and 10 years of historical market data covering the entirety of the UK savings market. Reach out for a demo at info@savingsindex.com

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