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Thousands in UK face out-of-the-blue HMRC bill and must pay by January
Ex-pensions minister Steve Webb has issued the warning because people receiving large state pensions with no other income or earnings may be unaware of the sheer amount of tax owed. HMRC will write to anybody affected at the end of the tax year and require payment before January 31, LCP warns.
Pensioners warned they could be hit with out-of-the-blue tax bills Consultants LCP (Lane Clark & Peacock) warned that frozen income tax thresholds, alongside bumper state pension rises, may push more pensioners into paying tax. Growing numbers of pensioners could be pushed over the tax threshold based purely on a state pension.
State pension warning as 400,000 retirees could receive unexpected tax bill A growing number of retirees are being dragged into paying income tax for the first time. Analysis by consultants LCP found hundreds of thousands have no other income apart from the state pension. They are set to receive a tax bill after the end of the year in which the pension is paid.
Disability benefits cost could rocket, report says The annual bill for pensioners claiming Personal Independence Payment (PIP) benefits could jump by 75% to £10.5bn by 2033, say pension consultants LCP. A rise would be driven by increases in heart disease, back pain, mental illness and other health problems.
Disability benefits cost could rocket, report says The annual bill for pensioners claiming Personal Independence Payment (PIP) benefits could jump by 75% to £10.5bn by 2033, say pension consultants LCP. A rise would be driven by increases in heart disease, back pain, mental illness and other health problems.
‘Real risk of new generation of pension inequality if action not taken’, research suggests New research by consultants LCP has found that there is a "real risk" of a new generation of pension inequality emerging. They stated that the government, employers and the pensions industry needed to act to protect those most at risk. Government should take further steps to reduce the inequalities which arise following the birth of a child.
English clubs lost almost £1bn in one season, report reveals Football analytics team at the London finance firm LCP has analysed the data based on the published accounts of all 92 clubs in the top four divisions. Of the 92, 63 generated a combined revenue of £4 billion but suffered overall losses of £1.2 billion; a loss margin of 31 per cent. The remaining 29 clubs made a combined profit of £300 million from a revenue of 2.5 billion.
Dunelm opening huge new store in Wales The 51,000 sq ft outlet is scheduled to open in the autumn. It will take space which was occupied by M&S before it closed in 2019. As well as Dunelm, LCP has also signed up coffee shop business, Coffee#1.
Nassef Sawiris and Wes Edens plan has put Villa ahead of Man City and Chelsea Only Arsenal and Southampton are more financially sustainable than Aston Villa in the Premier League. LCP's first ever sustainability index for football has been released and their analysis on Villa makes for good reading. Overall, when combined with the other three measurements LCP have used to come to their conclusions, Villa rank in eighth place.
Pension warning as ‘100,000 Britons’ set to be affected by access rule change The normal minimum pension age (NMPA) is a rule which lays out most people must wait until 55 to access their pension savings flexibly. From April 6, 2028, this age will increase to 57, meaning many Britons will have to wait two years longer for access. Sir Steve Webb, former pensions minister and current partner at LCP, said this could impact some 100,000 unsuspecting workers.
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