Posts Tagged : Overseas

DWP announces extra support for armed forces spouses and civil partners to help protect their State Pension

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A new armed forces National Insurance credit is available for spouses and civil partners who joined their partners on overseas postings.

Up to 20,000 armed forces spouses may be eligible for a new National Insurance credit if they have previously joined their partners on an overseas posting, ensuring that they don’t miss out on their State Pension.

People who have accompanied spouses and civil partners may have been unable to work while abroad, and therefore unable to make National Insurance contributions. Gaps in contributions can seriously reduce the amount of money people receive when they reach State Pension age. As the new State Pension is based on people’s own National Insurance record, the credit will give people the opportunity to cover contributions missed by periods spent abroad dating back to 1975.

Minister for Pensions, Baroness Ros Altmann said:

Our armed forces protect our country and it is only right that in turn, we help protect their partners’ ability to receive the full State Pension when they reach State Pension age.

This new credit will help ensure people who choose to support their partners abroad don’t miss out on a good State Pension.

Defence Secretary Michael Fallon said:

We are making sure that military spouses and partners who spend time based overseas get the State Pension they deserve.

This is the latest step under the armed forces covenant to ensure that service personnel and their families are treated fairly.

The new credit has been taken forward under the armed forces covenant, which states that members of the armed forces and their families should receive fair treatment from the nation which they serve.

On 6 April 2010, the government introduced a National Insurance credit for which an accompanying spouse or civil partner on an overseas posting can apply. Applications must be made by the end of the tax year following the one in which the posting ends. It is still possible to apply for this credit which may also help if the spouse or civil partner wants to claim a working age benefit.

The new credit

The new credit covers the years spent abroad from 6 April 1975 onwards and counts towards the new State Pension.

For information about the new credit and how to apply, visit www.gov.uk/dwp/ni-credits-armed-forces-partners

Ask Atkins: Landlords! HMRC are closing in on your undeclared Rental Income!

Ask atkins

 

Do i need to

 

The Revenue is on the trail of £550m missing tax and is urging landlords to come clean or risk higher penalties.
Don’t get caught out by the following common rental income misconceptions:Rental blog ad

  • I’m in the armed forces, so we don’t need to declare our rental profits…
    Wrong – you do still need to declare them.
  • I don’t need to declare my rental profits as I only rent my house out because I’m drafted overseas…
    Wrong – you still need to declare them.
  • I don’t make a profit, so I don’t need to tell HMRC…
    But are you making a profit in the eyes of the tax man!  If you have a repayment mortgage then it is quite likely you are actually making a profit. And if you are genuinely making a loss then it is in your advantage to report this to HMRC.
  • My Wife / Partner doesn’t need to declare it because I have…
    Wrong – if a property is jointly owned you each need to declare your share of the income.

HMRC are running a Let Property Campaign to encourage landlords to come clean and tell them about their rental property before they track you down.
HMRC can contact letting agents for a list of landlords, scrutinise ‘property to rent’ websites/ newspapers and they already hold information on those who receive tenants housing benefit directly and those who have used the Deposit Protection Schemes, so if you are a landlord then act now.
It will be in your best interest to volunteer the information than if you try to ignore it and HMRC catch up with you!

Contact us now or download the RENTAL income & expenses form and send it back to us! – We can HELP!