The upcoming November Budget has caused panic that pensions could be targeted. There are several ways it’s rumoured these changes might play out, from adjusting the annual contribution limit for pension savers to taxing all beneficiaries of pensions after the holder’s death.
But now, to offer taxpayers reassurance, HMRC has urged Brits to check one particular thing to understand their pension forecast. During Talk Money Week, which runs until November 7, Brits are encouraged to download its newly improved app to check their State Pension forecast.
Commenting on the advice to Brits, HMRC’s chief customer officer, Myrtle Lloyd, said: “It’s not always easy talking about finances, especially between generations.
“As part of Talk Money Week, we’re encouraging families to lean into talking about money. From budgeting tips to tax basics, the HMRC app makes it easy to access tax information and kick start those important conversations”.
The HMRC app provides tax and financial information for all ages. People can view and save their National Insurance number, claim Child Benefit and check their State Pension forecast. More than 5.6 million people have used the HMRC app since April 6 this year.
From teens starting to learn about their financial future to grandparents searching for updates on their pension, the straightforward app provides personal updates of users’ tax information and National Insurance. By downloading onto your iPhone or Android, the bilingual (available in Welsh) app offers a long list of services.
HMRC App services:
- Validate your State Pension forecast and manage any Child Benefit
- View and save your National Insurance number and check contributions (and gaps)
- Download your National Insurance number to your digital wallet and opt for online communication with HMRC
- View previous correspondence and forms to HMRC
- Confirm your wage before it enters your bank account, as well as other Pay As You Earn (PAYE) information
- Monitor your income and employment history over the previous five years
- View your yearly tax code, summary and Unique Taxpayer Reference
- Manage your Help to Save account and claim tax refunds in cases of overpayment
- Use the tax calculator to estimate take-home pay
- Use the digital assistant for guidance and support
- Access your Self Assessment summary, Simple Assessment, make payments, and even set reminders
- Easily update personal information like your name and address.
