This legislation was designed to help the lowest-paid employees in the economy build a free state pension and have access to state benefits. By a quirk of the system, it benefits company directors and sectaries who pay themselves a low salary. If you earn an average of more than £520 per month or £6,240 per…
The best way to get the total number of qualifying years for your state pension is to get a state pension forecast. Your forecast will tell you: The total number of qualifying years you have What state pension you are likely to get How to increase it, if you can You have three ways to…
The Chancellor has announced in the budget a reform of how tax relief on pension works, which will help dentists. It makes it far less likely that dentists working in the NHS will face additional tax charges. Since 2016/17, some higher earning dentists have faced very high tax charges because of a restriction on tax…
Have you ever wondered what happens if you die before you claim your pension? We all hope we’ll live to benefit from all those years paying into a pension scheme. However, it’s worth knowing what would happen if you died before you started to claim any of your pension. This can help you, as a…
As a dentist with an NHS pension, you’ll receive a detailed letter about your pension and a potential tax charge. Most dentist won’t need to pay this, but you need to know because it’s your responsibility to inform HMRC when this happens. To work it out, there are 2 things you need to know –…
As a dentist with an NHS pension, you’ll receive a detailed letter about your pension Annual Allowance. It can be difficult to understand, but essentially, there may be an additional tax charge to pay if the value of your pension has increased over a certain amount. Most dentist won’t need to pay this, but you…