State Pension and Protected Pension Age: Urgent Review Advised
Millions in the UK need to check their State Pension and private pension age before the April 5th deadline to avoid losing money.
#StatePension, #PensionDeadline, #NationalInsurance, #RetirementPlanning, #UKFinance
https://newsletter.tf/uk-pension-check-deadline-april-5th-national-insurance/
Urgent pension checks needed! Millions could lose thousands of pounds if they miss the April 5th deadline to top up National Insurance records.
#StatePension, #PensionDeadline, #NationalInsurance, #RetirementPlanning, #UKFinance
https://newsletter.tf/uk-pension-check-deadline-april-5th-national-insurance/
"UK unemployment hits highest rate for nearly five years"
Whoever could have predicted that unemployment might rise after the government increased taxes on job creation?
The high unemployment rate in the 16-24 age group is particularly concerning.
Treasury minister explains changes to National Insurance and inheritance tax
National insurance hike and energy bills behind food price rise, say UK retailers https://www.theguardian.com/business/2026/jan/27/national-insurance-hike-and-energy-bills-behind-food-price-rise-say-uk-retailers #RetailIndustry #Inflation #Food #ConsumerAffairs #UkNews #Supermarkets #NationalInsurance #EconomicPolicy #Business #Economics #Tax
HMRC taking more than a year to pay out tax rebates https://www.theguardian.com/money/2026/jan/17/tax-ni-hmrc-pay-refunds-claims #IncomeTax #NationalInsurance #Tax #Money #Hmrc #Politics #UkNews
Budget 2025: New pension savings tax could cost workers more, experts warn
Workers could end up paying more to save for their retirement after the Chancellor confirmed a new pension savings tax in the Autumn Budget. From April 2029, anyone putting more than Ā£2,000 a year into their pension through salary sacrifice will have to pay National Insurance contributions on the extra amount. National Insurance is the tax that funds state pensions and benefits, meaning workers will see less takeāhome pay if they save above the cap.
The Treasury says the measure is designed to raise money as part of wider tax reforms. But pensions experts, consumer groups and campaigners warn it risks discouraging people from saving at a time when many households are already struggling with rising costs.
āUnpopular and disincentivisingā
Salary sacrifice has been one of the simplest ways for workers to boost their pension pots, with both employees and employers saving on National Insurance.
Maike Currie, VP Personal Finance at PensionBee, said the change could undermine confidence in workplace pensions:
āSalary sacrifice is one of the most efficient ways for employees to save more for their future. Limiting the amount that can be contributed in this way is an unpopular move, disincentivising companies who provide workplace pensions and sending the wrong message to millions of basic rate taxpayers trying to save.ā
Currie added that the governmentās decision comes at a time when households are already under pressure, and that confidence in longāterm saving is vital to meeting retirement needs.
Industry and consumer concerns
Other industry figures echoed those concerns. Richard Knight, head of pensions at Burges Salmon, said the change āwill hit employees who are trying to save responsiblyā and adds complexity for employers, particularly smaller businesses.
Pensions UK, a national advocacy group, warned the cap could worsen Britainās retirement savings gap. Executive Director Zoe Alexander said:
āOver half of savers are already on course to fall short of retirement income targets. Adding new costs to salary sacrifice risks widening that gap.ā
Consumer campaigners pointed out that while the state pension will rise by 4.8% next April, frozen tax thresholds until 2031 mean more workers will be dragged into higher bands, reducing takeāhome pay and pension affordability.
Treasury forecasts and government aims
The government argues the pension savings tax is necessary to protect revenues as more people use salary sacrifice to boost their pensions. The Office for Budget Responsibility (OBR) estimates the change will raise around Ā£4.7 billion by 2031, money the Treasury says will help fund public services.
But analysts describe it as a āstealth tax,ā warning that the measure will not only affect higher earners but also ordinary workers who try to save more than the Ā£2,000 limit. Employers, too, will face higher National Insurance bills, reducing the incentive to offer generous workplace schemes. Critics say this risks undermining the very system designed to encourage longāterm saving.
What it means for savers
For employees, the change means salary sacrifice will remain in place, but its benefits will be capped. Anyone saving more than Ā£2,000 a year through this route will see extra National Insurance taken from their pay packet, leaving them with less money each month.
Campaigners warn this could discourage workers from putting aside more for retirement, widening Britainās savings gap. With Britain already facing a shortfall in pension provision, experts say stability and clear incentives are essential if the government wants people to keep saving for the future.
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Tractors roll into Westminster as farmers protest Budgetās āfamily farm taxā
Farmers drove tractors into Westminster to protest inheritance tax reforms, warning of lasting damage to Welsh family farms.
#autumnBudget2025 #budget #money #nationalInsurance #ni #nic #obr #officeForBudgetResponsibility #pensionSaving #pensions #rachelReevesBudget #rachelReevesMp #salarySacrifice #savings #ukBudget2025
Rachel Reeves weighs new tax on LLPs to target high-earning professionals in November Budget
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Rachel Reeves, just tell voters why taxes must go up ā and then do it | Polly Toynbee https://www.theguardian.com/commentisfree/2025/oct/14/rachel-reeves-tax-voters-wealth-society #Nationalinsurance #Taxandspending #RachelReeves #Politics #Budget #Labour #UKnews #Money #Tax
Potential Tax Changes in the November 2024 UK Budget
There is growing speculation that Chancellor Rachel Reeves might break Labourās pre-election pledge to not increase income tax, National Insurance (NI), or VAT for working people in the upcoming November Budget. One suggestion is that she could extend a freeze to the income thresholds at which peopl... [More info]
Labour's Struggles to Regain Business Confidence After Budget Cuts
After Labour's charm offensive toward business leaders before the election, recent economic measures by the party have led to a sharp decline in business confidence. The government's Ā£25bn rise in National Insurance for employers and hikes in the National Living Wage, especially for younger workers,... [More info]
An ale star cast: pint-pulling Rupert Everett surprises country pubās punters https://www.theguardian.com/film/2025/sep/06/pint-pulling-rupert-everett-surprises-country-pub-punters-wiltshire #Hospitalityindustry #Nationalinsurance #Taxandspending #RupertEverett #Lifeandstyle #Communities #Wiltshire #Business #Politics #Society #UKnews #Money #Pubs #Tax
Lots in the UK media recently about the NI tax rises being the cause of many industries woes... Without mentioning other cost increases, changes in lifestyle (people are drinking less!) or that profitability is amazingly less affected...
The hospitality report referred to here doesn't mention that the rate of pub closures is actually declining, the industry as a whole is seeing 10% growth, and areas like catering are growing
Is it a good idea to have a single national identity number?
Recently a building society that I had used for years asked me to check that my details were up to date. The online form had a field for National Insurance number, something they hadn't been asking for previously. After a bit of digging this is because though since 2016 savings organisations have had to report interest earnings to the HMRC, nearly 1 in 5 reports can't be matched. National insurance numbers will ensure matching. Some people state (without reference) that it is down to America complaining about the quality of UK FATCA reports!
Now the government used to actively discourage using the national insurance number for identifying people. This was down to a peculiar British aversion to the potential for tracking. We have a separate government ID for tax and social security, NHS, local authorities council tax, library services, etc. - something that Nordic and many European countries would find ridiculous. We seem to be moving more and more to having the National Insurance number as a single form of tracking. Is this a good thing?
#serveillance #serveillanceState #FATCA #Privacy #nationalInsurance #HMRC
š±Did you know you can store your National Insurance number in your Apple or Google Wallet using the HMRC app?
No more letters! āļø
Just open the appš², and within seconds, you can view, share, or print your NI number.
Download the free HMRC app from the AppStore or the Google Play Store and try it out. š
Learn more about it here š https://www.gov.uk/guidance/download-the-hmrc-app#what-the-app-does
This is a rather out of date list of all of the countries where we already had similar arrangements about social security.
https://www.gov.uk/government/publications/reciprocal-agreements/reciprocal-agreements
The newspapers have misled us on this one. It's not an exemption at all. It's actually preventing people paying far *more* in social security than you or I do. It's preventing a situation where people who take temporary assignments abroad pay social security *twice over*, in two countries simultaneously, whilst only gaining the resultant benefits in one of those two countries.
Oh wow, so foreign workers are paying into our social programs and getting nothing but threats of deportation and institutionalised racism for their time here?
https://www.independent.co.uk/news/uk/home-news/working-from-home-big-weekly-shop-sainsburys-simon-roberts-b2715856.html
Big supermarket boss: Rise of #NationalInsurance payments was Ā£140M. Yearly profit Ā£1.03B.
Boss complains of theoretical loss of 8% profit that would go to #shareholders - or board's salary/bonus, otherwise.
š¤
#TaxTheRich
I should add that #herbertasquith and #davidlloydgeorge - the two successive #liberal chancellors between 1906 and 1914 managed to fund both the modernisation of the #royalnavy and the institution of #nationalinsurance . They faced a constitutional crisis in 1910 as a result but still persisted - and succeeded.
