HMRC umbrella company ‘checking tool’ looms for workers
Umbrella company consultation response and guidance due from HMRC, as more details come out on Tax Administration and...
READ MORETop earning middle-aged men pay more into state pension than they get out
High earning middle-aged men will pay more into the state pension system than they receive in retirement, analysis shows.
A 40-year-old male in the top 10pc of earners would pay around £250,000 of National Insurance (NI) contributions during their lifetime but only receive £248,000 of state pension money if they lived to 90.
By contrast, a middle-aged man on average pay would put in around £138,000 of NI contributions and receive £213,000 of state pension income if he lived to the average male life expectancy of 87, according the the Pension Policy Institute.
Its research compared the lifetime NI contributions of men and women aged 20, 40 and 60 to how much they could expect to collect in state pension income.
Higher paid workers are expected to live for longer than lower earners, and therefore will receive the state pension for longer, the research pointed out. Furthermore, NI contributions are salary-related so higher paid individuals pay in than the lower earners.
Read more at Yahoo Finance
Previous
British retailers cheer Christmas sales, but City analysts warn of coming storm
Next
Situation still far from rosy for small firms despite rise in GDP
A beginner’s guide to the taxes you’ll hear about this election...
National insurance, income tax, VAT, capital gains tax, inheritance tax… it’s easy to get confused about the many...
READ MORE
With bitcoin hitting new highs, it’ll likely reach the US$100,000...
Cryptocurrencies are surging again. Bitcoin has just hit an all-time high of more than US$72,000 (£56,300), pushing...
READ MORE