Investing
First off, well done on your pay rise! Whether it’s from a new job, a promotion, or recognition for your hard work, a pay increase is something to celebrate. But before you rush to upgrade your lifestyle, it’s a smart move to take a step back and think
Tax
Tax codes are essential for determining how much income tax is deducted from your pay or pension. They tell employers how much tax-free income you’re entitled to, based on your personal circumstances. In this guide, we’ll cover the most common tax codes, how personal allowance ties into them,
Tax
AI (particularly Large Language Models, or LLMs) has rapidly become a popular tool across many industries in 2024, including personal finance. From AI-powered budgeting apps to virtual financial assistants, these technologies promise convenience and automation in managing money. But would you trust AI to manage something as critical as your
Pensions
What is Pension Consolidation? Pension consolidation involves combining multiple pension pots into a single scheme, making it easier to manage and potentially more cost-effective. With the average UK worker changing jobs multiple times during their career, it's common to accumulate several pension pots over time. But is consolidating
Retirement
Being fully prepared for retirement can be complicated. One of the most important aspects to plan is ensuring you have enough income to support your needs and lifestyle into old age. But how do you figure that out? Visit the How Much Do I Need Calculator ⟶ Estimate your required income
Pensions
Understanding DB vs. DC Pensions: What’s the Difference? When planning for retirement, it’s important to understand the type of pension scheme you’re part of, as this impacts your future income. Pensions generally fall into two categories: Defined Benefit (DB) and Defined Contribution (DC). In addition, you may
HMRC
A deep-dive into rates and taxes when working through Umbrella companies
HMRC
Today, we are pleased to share several updates for Saving Tool UK. 2024/25 Rates Applied Following on from the January 2p cut, the April 2024/25 2p National Insurance cut has now been applied to the Saving Tool Advanced simulation and the Saving Tool UK Tax Calculator. All scenarios
Saving Tool Advanced
Saving Tool Advanced is a new tool that builds on the foundations of Saving Tool UK. It delivers substantially improved detail and deeper insights thanks to a redesigned input and simulation system, making it the UK's most comprehensive personal finance tool. 0:00 /0:21 1× The Saving
National Insurance
💡April 2024 Update: Note that National Insurance was cut on two separate occasions in 2024. This article refers to the first 2p cut that took place in January 2024. Starting 6th Jan 2024, around 27 million employees in the UK will pay 2% less national insurance contributions thanks to a
Pensions
Paying into a defined contribution pension plan earlier in life can reap significant rewards in the long term, and on SavingTool.co.uk, you can test out your own scenarios to see how much you could benefit. 💡Disclaimer: the examples in this article use tax rates and rules that are