Recession Tips 1& 2

We are starting a series of tips for the over 50's to help with weathering the growing storm. Most of us have lived through one or more of these before though maybe not so dramatic as this one may turn out to be.

1) Are you paying unnecessary tax on your bank or building society interest?

For the last week or so HMRC have been running a campaign to remind people who are not taxpayers - including many pensioners - that they should register with their bank/building society to get their interest paid without tax deduction. Banks & building societies take 20% tax off before paying their interest to their savers. So someone who is a non-taxpayer then has to claim it back from HMRC or they can register with the bank/building society (with a form R85) and get it paid without tax deduction. You can also get free tax advice from Tax Help for Older People if your household income is less than £15,000 per year and you are a pensioner.

2) Make sure you are not paying national insurance once you have reached state pension age. This is particularly important if you have been or are still self employed.