We saw interest rates on deposits tumble during 2020 with many schools now seeing significant reductions in the interest they receive and receiving a shock when existing Fixed Rate deposits mature, and they look to renew them. In fact, we have seen some banks offering as little as 0.03% interest … [Read more...]
IMPACT ON THE HIGH-INCOME CHILD BENEFIT CHARGE
With many employees and the self-employed being furloughed, being made redundant, or making lower profits, their income for 2020/21 may well fall below the £50,000 limit at which child benefit starts being taxed. What is the charge The charge is 1% for every £100 that adjusted net income … [Read more...]
