Here in the UK, there are three types of pension: the State Pension, workplace pensions, and personal pensions (which includesSIPPs, short for Self-Invested Personal Pensions). They each have their own benefits and potential drawbacks: State Pension The State Pension is simply a regular payment...
Independent contractors and others who receive income from sources other than an employer can expect to receive a 1099 instead of a W-2. So, what is a 1099, and how do you use it to file your taxes? Here's everything you need to know about Form 1099, inc
Need help understanding pension basics? This guide from Prudential offers advice on what a pension is, how pensions work and more.
To keep it simple, the marginal tax rate is basically the tax rate that you pay on every additional dollar of income you earn above a certain threshold. But before getting too far, it’s also important to take a look at your income tax. And when it comes toincome tax, the amount you...
The 'single easy access rate' is a proposal by the Financial Conduct Authority (FCA), UK's financial regulator, aimed at making savings rates simpler to understand for consumers. Under the new proposals, banks will have to set a single easy ac...
Credit score: Yourcredit scoreis a major factor lenders use to evaluate how much you can afford. In general, the higher your credit score, the lower yourinterest rate, which impacts how much you can feasibly spend on a home. Work history: To ensure you can repay your mortgage, lenders wa...
Pension Pensions are another form of predetermined retirement income, though they’ve been increasingly displaced by 401(k) accounts,according to Bankrate. Since pensions tend to require you to work for the same employer for a certain number of years before they’re vested, you’ll need to cons...
What is a personal allowance? There’s a certain threshold of earnings you must make before you’re responsible for paying income tax. Once you hit this threshold, called the personal allowance, you’ll then pay tax at the qualifying rate depending on current UK tax brackets. It’s important...
This is an audio transcript of theMoney Clinicpodcast episode:‘What will the UK election mean for your money?’ Claer Barrett With just over a week until the UK’s general election, Labour is promising to be the party of wealth creation. Yet its political rivals are whipping up fears of...
Inflation Rate=New CPI−Prior CPIPrior CPI×100Inflation Rate=Prior CPINew CPI−Prior CPI×100 The inflation rate can be calculated for a given month or annual period; in either case, the appropriate new and prior period must be selected. The inflation rate is reported as a percentage ...