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DEAR TRICIA; Need some practical financial advice? YOUR MONEY Editor Tricia Phillips and her team can help.

Byline: Edited by TRICIA PHILLIPS Get in touch! money@mirror.co.uk

Q Does everyone now have to fill in a tax return? I keep hearing about the deadline approaching but I thought it was only for people who work for themselves and big company bosses?

A No, not everyone. However, you do need to complete and submit a self-assessment tax return if you have any self-employed income, or need to declare interest, dividends or capital gains that are in excess of the annual allowances.

Q I retired in the summer and I'm wondering how I get a rebate on the income tax I've paid.

A You may be able to get a tax refund or rebate if you were employed and have stopped work. If you think you paid too much tax and want to claim back the overpayment, use form R38. Complete and sign the form then send it to HM Revenue and Customs.

Q I have been looking for a savings plan on a comparison website and London Capital & Finance Plc are offering 8%. Do you think this rate is too good to be true?

A LCF do offer attractive fixed-rate bonds with returns of 3.9%, 6.5% or 8% per annum over one, two or three years. However, like most investments, your capital is at risk and payments are not guaranteed. Also, the bonds are not regulated by the Financial Conduct Authority, therefore they aren't protected by the Financial Services Compensation Scheme should the company go bust.

Q I've got a pension in drawdown. If I die, would my wife get all of the money or would it have to be taxed before she can get at it? That all depends on when you die.

A Pass away before age 75 and any income or lump sums she takes are completely free of income tax. If you die after the age of 75 then payments are taxed at her marginal rate.

Q Is it true that my bank can call in my overdraft and ask me to repay it in full at any time? I'm worried because I'm struggling a little financially.

A In theory, yes, they can call in your overdraft. That's why they should only be a short-term measure. Citizens Advice suggests that if you have difficulties and can't pay off your overdraft, or find yourself relying on it long-term, you should speak to your bank about your options. The Lending Code says that the bank should treat you sympathetically.

Thanks to our independent financial advisers - The Money Map (0800 848 8250) and PMI's John Stewart (0800 018 3751). For independent advice write to Your Money Independent Advice Bureau, Daily Mirror, One Canada Square, Canary Wharf, London, E14 5AP. Please give your age, income, family circumstances and details of financial products you want advice on, along with your phone number.

Or email money@mirror.co.uk marked "advice"

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Publication:The Mirror (London, England)
Date:Dec 20, 2017
Words:485
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