Pensions Archives - WRLO Accountants

Enews – 31 October 2025

WRLO Accountants — Wed, 05 Nov 2025 21:22:24 +0000

In this week’s Enews, there is news on a recommendation from the Low Incomes Tax Reform Group (LITRG) to make it easier for state pensioners to pay tax owed via a Pay as You Earn Scheme. There is also news on Chancellor Rachel Reeves’ ‘blitz on business bureaucracy’ and findings from the British Chambers of Commerce’s (BCC’s) latest Quarterly Recruitment Outlook to update you on. Give State Pension its own PAYE scheme, says LITRG Chancellor announces ‘blitz on business bureaucracy’ Budget should tackle hiring issues, says BCC Give State Pension its own PAYE scheme, says LITRG The Treasury should make it easier for state pensioners to pay any tax they owe with a Pay as You Earn (PAYE) scheme, says the Low Incomes Tax Reform Group (LITRG). The LITRG told the Treasury that there is a ‘pressing need’ to change the way the payments are taxed to make the process easier to understand and manage. This is due to the increasing number of pensioners finding out that they owe income tax on their state pension for the first time. The LITRG has recommended that the State Pension be given its own PAYE scheme, so that any tax is collected at […]

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10,000 boost State Pension with online payments

WRLO Accountants — Tue, 22 Oct 2024 16:12:30 +0000

More than 10,000 payments worth £12.5 million have been made through a new digital service to boost people’s state pension, HMRC has revealed. People have until 5 April 2025 to maximise their state pension by making voluntary National Insurance contributions (NICs) to fill any gaps in their NICs record between 6 April 2006 and 5 April 2018. The service enables people to check if they have gaps in their NICs record, calculate if making a payment would increase their state pension, and then make a payment if they wish to do so. HMRC data shows: 51% of taxpayers topped up one year of their NICs record the average online payment is £1,193 the largest weekly State Pension increase is £107.44. After the 5 April 2025 deadline, people will only be able to make voluntary contributions for the previous six tax years, in line with normal time limits. Emma Reynolds, Minister for Pensions, said: ‘We want pensioners of today and tomorrow to enjoy the dignity and support they deserve in retirement. That’s why I urge everyone to check if they could benefit by filling gaps before the deadline passes. Using our online tool means only a few clicks could make a […]

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HMRC to send Simple Assessment tax statements to pensioners

WRLO Accountants — Sat, 03 Aug 2024 17:45:38 +0000

HMRC will send Simple Assessment tax statements to pensioners in the next few weeks. The combination of frozen tax thresholds and a substantial increase to the state pension has led to many more pensioners being dragged into paying income tax for the first time. The last government froze the personal allowance at £12,570 until 2028. The full new state pension saw a 10% increase in April 2023 to over £10,600 annually, followed by another 8.5% rise in April 2024, taking it to more than £11,500 per year. HMRC says that pensioners will receive a Simple Assessment where there is an underpayment of income tax for a tax year that cannot be collected automatically via PAYE and they are not subject to income tax self assessment. An underpayment of income tax can result from: pensioners who receive income from the State Pension, occupational pensions, employment pensions, and most taxable state benefits pensioners with up to £10,000 of untaxed income (for example, from savings or investments). HMRC will use the information it already holds and information supplied from banks and building societies about people’s income and tax situation. The tax authority will calculate any tax owed or refund due and the Simple […]

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