Latest news with #Allowance
Daily Record
16 hours ago
- Business
- Daily Record
New call to scrap National Insurance deductions for working people aged over 60
National Contributions are no longer taken from wages when someone reaches State Pension age. Income tax rises for Scots in April - how the changes affect you A new online petition is calling on the UK Government to scrap National Insurance contribution deductions for workers over the age of 60. People automatically stop seeing NICs deducted from payslips when they reach State Pension age, which is currently 66, but set to rise to 67 over 2026 and 2028. However, petition creator Mike Haynes argues making workers over 60 exempt from paying National Insurance would 'make it easier financially for older people to survive'. He added: 'We are calling for this as many over-60s are struggling to survive due to what we believe has been incompetent government spending over the past 30 years.' The 'exempt workers over 60 from National Insurance payments' petition has been posted on the UK Government's Petitions Parliament website. At 10,000 signatures of support, it would be entitled to a written response from the UK Government, most-likely The Treasury. At 100,000 signatures, it would be considered by the Petitions Committee for debate in Parliament - you can read it in full here. Understanding National Insurance The Chartered Institute of Taxation explains National Insurance is a tax on earnings paid by both employees from their wages and by employers (on top of the wages they pay out), as well as by the self-employed (from their trading profits). Technically National Insurance is a social security contribution rather than a tax, but really, it's a compulsory payment taken from you by the Government, a lot like a tax. Most people stop paying National Insurance contributions after reaching State Pension age. However, you only pay Income Tax if your taxable income - including your private pension and State Pension - is more than your tax-free allowances (the amount of income you're allowed before you pay tax). This has been frozen at £12,570 since the 2021/22 financial year, but will rise with inflation on April 6, 2028. Even if you're still working, when you reach State Pension age you usually stop paying National Insurance contributions. If you continue to pay them, you can claim back any National Insurance if you have overpaid. Calls to unfreeze Personal Allowance An online petition calling for the personal tax allowance to rise from £12,570 to £20,000 to help people on a low income 'get off benefits and allow pensioners a decent income' was debated last month by MPs in Parliament after more than 271,800 people across the UK have shown their support for the proposal. An update from the UK Government, related to the potential impact of increasing the Personal Allowance to £20,000, looks set to crush any hopes people may have of seeing the income threshold freeze lifted before the planned rise with inflation in April 2028. In a written response to Labour MP Tanmanjeet Singh Dhesi, Treasury Minister James Murray said the UK Government 'has no plans to increase the Personal Allowance to £20,000'. Mr Murray said: 'The Government is committed to keeping taxes for working people as low as possible while ensuring fiscal responsibility and so, at our first Budget, we decided not to extend the freeze on personal tax thresholds. 'The Government has no plans to increase the Personal Allowance to £20,000.' He went on to explain how increasing the Personal Allowance to £20,000 would 'come at a significant fiscal cost of many billions of pounds per annum' adding this would 'reduce tax receipts substantially, decreasing funds available for the UK's hospitals, schools, and other essential public services that we all rely on'. The Treasury Minister continued: 'It would also undermine the work the Chancellor has done to restore fiscal responsibility and economic stability, which are critical to getting our economy growing and keeping taxes, inflation, and mortgages as low as possible. 'The Government keeps all taxes under review as part of the policy making process. The Chancellor will announce any changes to the tax system at fiscal events in the usual way.'
Vancouver Sun
a day ago
- Sport
- Vancouver Sun
Friday night racing at Hastings Racecourse is the perfect way to kick-off the weekend
Friday night racing returns to Hastings Racecourse this week, signalling the start of summer in the city and offering Vancouver sports fans a chance to experience the excitement of horse racing under the floodlights. 'Friday nights at Hastings are a unique sporting event in Vancouver and very much a part of summer's social whirl,' David Milburn, president of the Horsemen's Benevolent and Protective Association of B.C., said this week. 'It's a long day for the horsemen,' he continued, 'especially when we're all back racing the following afternoon, but the horses enjoy racing in the evening and it's my favourite time of the year to have runners.' Milburn added: 'It's also a chance for us to show off our wonderful sport to a different group of people, something that's very important for us, as Friday nights tend to bring out a younger crowd of revellers, many of whom are experiencing racing for the first time. It's a more relaxed vibe, with a DJ helping things go with a swing and it's the perfect place to kick off the weekend.' Trainer Dino Condilenios, who saddles two in Friday's sixth race, agrees with Milburn that Friday nights bring a different crowd out to Hastings and he's a fan of evening racing, despite the extra workload it brings to him and his dedicated team. Condilenios said: 'I like the fact we get a younger crowd on for Friday nights. I don't love it for myself and the workers, as we have to be here late and wake up super-early the following morning, but I certainly like the cooler air and it's more comfortable for the horses in the summer.' Friday night's six-race card is the first of nine slated for this summer. The action gets underway at seven and is headlined by a $20,000 Allowance contest, which features a talented group of four-year-olds taking on the mile-and-sixteenth course. Trainer Barbara Anderson-Heads saddles two in the race, including the likely favourite Snap To It who, already this season, was a narrow runner-up in two similar contests. Her second runner, Touch The Sun, moves up to Allowance company on the back of a gate-to-wire Maiden win at the end of May, and the barn could easily have the 1-2. Hastings race selections: First race Friday 7 p.m. Race 5 (9 p.m.): Beaten less than a length in total when twice a runner-up in similar contests, Snap To It can get the job done in what looks, on paper at least, to be a slightly less onerous challenge. Race 6 (9:30 p.m.): There were plenty of sage racegoers left scratching their heads when Max Booster had his 'win' taken away by the stewards for what looked like minimal interference last time. He can strike a blow for justice and make amends under the Friday night lights
North Wales Chronicle
a day ago
- Business
- North Wales Chronicle
Pensioners' HMRC tax codes to change for Winter Fuel Payment
Following the announcement that pensioners who receive under £35,000 a year will now receive winter fuel allowance, HMRC has confirmed it will take back the money from those with incomes above £35,000 through their tax codes, or by asking them to complete a self-assessment tax return. HMRC said: "Winter Fuel Payments will be paid automatically without a claim, and any charges will be collected via PAYE, or via self-assessment for those with other income to declare." It may look like a secret code, but the formula is pretty simple (and explained below). The most common HMRC tax code is 1257L, which is based on the Personal Tax Allowance of £12,570 - this is the amount you can earn before you need to pay tax. But, many people are paying too much tax - as we go into the HMRC tax year 2025 - 2026 it's worth making sure you aren't one of them - and if so, look at how to get a rebate. Your tax code is used by your employer or pension provider to work out how much Income Tax to take from your pay or pension. HM Revenue and Customs (HMRC) will tell them which code to use. You can find your tax code: This week's 'Joker' #martinlewis break bumper: If you have a 1250L tax code - what does the number bit stand for? a) Just an ID code b) You can earn 10x that number tax free each year c) It's your additional allowance on top of the standard allowance If you check your tax code online or in the HMRC app, you can also: You can use the HMRC tax code checker to find out: The numbers in your tax code tell your employer or pension provider how much tax-free income you get in that tax year. HMRC works out your individual number based on your Personal Allowance and income you have not paid tax on (such as untaxed interest or part-time earnings). They also consider the value of any perks you get from your employer (such as a company car). The full list can be found on the website, but these are the most common, and what they mean: Recommended reading: If you think you are on the wrong tax code, you can contact HMRC on 0300 200 330 or speak to an advisor online via their live chat service. HMRC will contact your employer to correct your tax code and you will get any money you overpaid in tax in your next payslip. You can also claim back up to four additional years if you have been overpaying for some time.
South Wales Guardian
a day ago
- Business
- South Wales Guardian
Pensioners' HMRC tax codes to change for Winter Fuel Payment
Following the announcement that pensioners who receive under £35,000 a year will now receive winter fuel allowance, HMRC has confirmed it will take back the money from those with incomes above £35,000 through their tax codes, or by asking them to complete a self-assessment tax return. HMRC said: "Winter Fuel Payments will be paid automatically without a claim, and any charges will be collected via PAYE, or via self-assessment for those with other income to declare." It may look like a secret code, but the formula is pretty simple (and explained below). The most common HMRC tax code is 1257L, which is based on the Personal Tax Allowance of £12,570 - this is the amount you can earn before you need to pay tax. But, many people are paying too much tax - as we go into the HMRC tax year 2025 - 2026 it's worth making sure you aren't one of them - and if so, look at how to get a rebate. Your tax code is used by your employer or pension provider to work out how much Income Tax to take from your pay or pension. HM Revenue and Customs (HMRC) will tell them which code to use. You can find your tax code: This week's 'Joker' #martinlewis break bumper: If you have a 1250L tax code - what does the number bit stand for? a) Just an ID code b) You can earn 10x that number tax free each year c) It's your additional allowance on top of the standard allowance If you check your tax code online or in the HMRC app, you can also: You can use the HMRC tax code checker to find out: The numbers in your tax code tell your employer or pension provider how much tax-free income you get in that tax year. HMRC works out your individual number based on your Personal Allowance and income you have not paid tax on (such as untaxed interest or part-time earnings). They also consider the value of any perks you get from your employer (such as a company car). The full list can be found on the website, but these are the most common, and what they mean: Recommended reading: If you think you are on the wrong tax code, you can contact HMRC on 0300 200 330 or speak to an advisor online via their live chat service. HMRC will contact your employer to correct your tax code and you will get any money you overpaid in tax in your next payslip. You can also claim back up to four additional years if you have been overpaying for some time.
New Indian Express
7 days ago
- Business
- New Indian Express
Telangana govt increases DA of employees by 3.4%
HYDERABAD: The Dearness Allowance (DA) of the state government employees increased by 3.4 per cent. An order released on Friday stated that the DA was increased from 26.39% of basic pay to 30.03% of basic pay from January1, 2023. The revised DA will also be applicable to the employees of Zilla Parishads, Mandal Parishads, Gram Panchayats, Municipalities, Municipal Corporations, Agricultural Market Committees and Zilla Grandhalaya Samasthas, Work Charged Establishment, who are drawing salary in a regular scale of pay in the Revised Pay Scales, 2020. Teaching and non-teaching staff of aided institutions including aided polytechnics who are drawing salary in a regular scale of pay in the Revised Pay Scales, 2020. In respect of DA pending from July 1, 2023, separate orders will be issued after six months. It may be recalled that the recent Cabinet meeting cleared two DAs for employees. The Cabinet decided to pay one DA immediately and another after six months. Accordingly, orders were issued on Friday. The government also revised the Dearness Relief (DR) to government pensioners from 26.39% of basic pension to 30.03% of basic pension from January 1, 2023. Separate orders will be issued for the pending DR from July 1, 2023.
