Do I need to change my will after I get married?
QMY PARTNER of 10 years and I recently got married. We have wills but do we need to change them? AYES,
now you are married it is very important that you get down to rewriting your wills.
British law states a marriage automatically revokes a will made before the date of the wedding, rendering it invalid.
Therefore, if you die after you’ve married with an invalid will, the court will follow the rules of intestacy to determine who inherits your estate.
QI’M IN my late fifties and still working. I want to access a pension pot but I’ve been told this could affect how much I can save into my pension from now on. Is this true and what are the rules? A YES, it is. Over-55s who access their pension pots will only be able to contribute £4,000 a year and still automatically qualify for tax relief. That is the total amount
ANO. IT sounds like you come under the Construction Industry Scheme (CIS) where a contractor will deduct money from what they pay you and pass it on to HM Revenue & Customs. These deductions count as advance payments towards your tax and National Insurance. At the end of each tax year you should send in a self-assessment tax return. Q IN REALITY you can gift as I KEEP reading about much as you like, but checking my credit report anything over your annual but I didn’t even know I had gifting allowance of £3,000 a one. How do I do this? year, for inheritance tax purposes will become a potentially exempt transfer. And an inheritance tax rule means the amount will only be tax-free if you survive at least seven years after making the gift. and it includes any contributions that you get from an employer.
QARE there any tax implications in giving our children lump sums towards the deposit for a home? I’ve read something that says you can only give up to £3,000 a year as gifts?
AQI WORK freelance in the building trade and firms deduct a percentage of my wages for tax. Does this mean I don’t need to do a tax return?
ACREDIT report firms including Experian, Equifax and Transunion have a credit history on everyone who has taken out financial products from credit cards to loans and mortgages. The simplest way to check your report is online. You can do this for free via equifax.co.uk, experian.co.uk and creditkarma.co.uk