[steɪt ˈpɛnʃᵊn]
The State Pension is a weekly payment provided by the government once you reach the state pension age. The amount received will depend on various factors.
The State Pension is a regular payment provided by the government in the United Kingdom to qualifying individuals that have reached the State Pension age. This payment is provided to help with everyday living costs.
To qualify for the State Pension, an individual will usually need at least ten qualifying years on their National Insurance record. A year qualifies if the individual has paid National Insurance contributions when working, received National Insurance credits, or paid voluntary National Insurance contributions. To get the full amount of State Pension, 35 qualifying years are required.
Individuals who reached State Pension age before 6th April 2016 get the basic State Pension. The full basic State Pension allowance is £156.20 per week for the 23/24 Tax Year. Otherwise, individuals get the new State Pension and the full new State Pension allowance is £203.85 per week for the 23/24 Tax Year.
The additional State Pension is available for men born before 6th April 1951 and women born before 6th April 1953. It is based on career earnings.
There are loads of different tax laws in the United Kingdom. IR35 is very important to freelancers and contractors but can be a little confusing. Here, we explain simply what IR35 is and who it can affect.
Read more
Self-employed individuals can use two different methods to expense business vehicle costs. Here, we investigate the positive and negatives for both methods and which one might be right for you.
Read more
