Mosaac Financial Blog

New research suggests some retirement costs have fallen, but there is a twist… How much net income do you need each year for a minimum, moderate or comfortable living standard in retirement? Every year since 2019, the Pension and Lifetime Savings Association (PLSA), working in conjunction with Loughborough University, has provided the answer. In June, the PLSA published the latest calculations: Table 1: PLSA income calculations on living standards 2023–2025 Living standard On

In late May, HMRC published a report – based on data collected in summer 2023 and dated January 2024 – that had been held back for months. Why the delay? HMRC are not renowned for prompt action, except for issuing reminders in early April to complete a tax return. So eyebrows were raised when research commissioned in March 2023, carried out between May and August of that year, was suddenly published in late May 2025. The subject of the investigation, entitled ‘Understanding t

In June, HMRC begins sending out simple assessments. They will come as a surprise to many recipients. From June 2025, HMRC will begin to issue simple assessment letters to those who are not required to make full self assessment returns. As a rule, you will receive a simple assessment letter if you: ·         Owe income tax that cannot be automatically taken out of your income; ·         Owe HMRC £3,000 or more; ·         Have tax to pay on your State pension; ·         Either