More power to your pen­sion!

Feel like you’re play­ing snakes and lad­ders and hop­scotch at the same time while stand­ing in the mid­dle of a mine­field? Sounds like you are try­ing to sort out your pen­sion – or pen­sions!

Campbeltown Courier - - MONEY MATTERS -

The trou­ble is that no one stays in the same job for­ever these days; a ‘job for life’ was some­thing our grand­par­ents had. If you’ve got sev­eral pen­sion pots, you may get a bet­ter deal when you start draw­ing re­tire­ment ben­e­fits if you com­bine them. There are rules that may al­low you to take small pots as a lump sum, part of which will be taxed. It can be dif­fi­cult to keep track of a num­ber of smaller pots and pay­ments and re­mem­ber that dif­fer­ent rules ap­ply to de­fined ben­e­fit schemes – if ever there was a time to make sure you have ex­pert ad­vice it has to be when you are sort­ing out your pen­sion. But who do you get to ad­vise you? The Pen­sions Ad­vi­sory Ser­vice (TPAS) is an in­de­pen­dent or­gan­i­sa­tion that is grant-aided by the De­part­ment for Work and Pen­sions. It works to make pen­sions un­der­stand­able for ev­ery­one, pro­vid­ing in­de­pen­dent and im­par­tial in­for­ma­tion and guid­ance about pen­sions, free of charge, to mem­bers of the pub­lic. It pro­vides the tele­phone ser­vice for the Gov­ern­ment ser­vice, Pen­sion Wise and as such does not of­fer reg­u­lated fi­nan­cial ad­vice or pro­vide de­tailed tax in­for­ma­tion. Nei­ther does it deal with com­plaints or dis­putes re­lat­ing to the State Pen­sion. You can find help from Pen­sion Wise from other or­gan­i­sa­tions like the Cit­i­zens Ad­vice Bu­reau.

HMRC’s on­line VAT por­tal will close from April for some busi­nesses VAT re­turns must in­stead be sub­mit­ted to HMRC through MTD soft­ware.Busi­nesses must dig­i­tally record their VAT trans­ac­tions and re­turns us­ing MTD soft­ware. See more in­for­ma­tion on pages 36 and 37.

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