We all expect a tax refund to come within a few weeks when we overpay or fulfill our claim. So it feels wrong when HMRC tells someone they’re owed £2,200, but warns the refund could take up to 33 weeks. That is the reality one taxpayer recently faced. This is not a small sum or…
We are at a turning point for UK retirees. HMRC now estimates that nearly 10 million pensioners will be paying income tax, thanks to a long-term freeze on tax thresholds. On the one hand, pensions are rising steadily, boosted by the triple lock. On the other hand, the tax-free personal allowance remains stuck at £12,570…
In 2024-25, UK pension savers withdrew a record £70 billion from their retirement pots, a 36% increase from the previous year. This surge was driven by fears of potential cuts to the tax-free lump sum allowance, which currently stands at £268,275. However, recent developments have raised concerns for those who repaid their lump sum withdrawals….