With the budget on 15th March 2023 and the end of the tax year fast approaching most pre year-end tax planning will have been completed or should be well under way. However, there may still be some measures which can be undertaken to improve your tax position. Here are our top five tips to…
Check your PAYE tax code The tax code is the identifier that tells an employer how much tax should be deducted from people’s salaries when they get paid. It’s important to check your tax code. If you have multiple employers or pension providers, you may get more than one tax code. If you’re on the wrong…
Even the best laid plans can go awry and with three potential types of pension annual allowances to deal with, it is inevitable that maximising pension contributions for clients might be left close to April 5. ‘How much can I contribute to my pension this year?’ seems a simple question on the face of it,…
If you have been affected by the tapered annual allowance (AA) and have a charge to pay, you can either pay this directly to HM Revenue & Customs (HMRC) or ask the NHS Pension Scheme to pay on your behalf. This option is called Scheme Pays. Earlier this year, figures obtained by Quilter showed 38%…
Are pensions taxable? According to The Compensation Experts, ‘are pensions taxable?’ was searched 5,760 times on Google between May 2020 and April this year. Answer: ‘Your pension is treated as earned income and is subject to income tax. However, it is important to remember that you’re usually able to withdraw 25% of your pension pot…
Budget 2021 – what you need to know In a Budget dominated by measures aimed at helping businesses and the economy recover from the impact of the coronavirus pandemic, there were also some significant announcements when it comes to your pensions, savings and the tax you pay. Chancellor Rishi Sunak’s second Budget, delivered on 3…
Tax planning with redundancy payments Redundancies are an unfortunate consequence of current times. And with the Government’s furlough scheme coming to an end, there may be more employers who will need to make cuts to their workforce. It’s important that those facing redundancy understand what is included in their lump sum payment, how it’s taxed…
The Chancellor yesterday made his “Summer Statement”. I have summarised the key points and the potential impact for your clients and their families below. As always if you have any questions please let me know. Economic Backdrop In the first two months of the FY 2020/21, UK government borrowing has exceeded £100bn and according to…
If Isla reconsiders her pension contributions and her OEIC position, she could get a head start on any market recovery when it comes. The case Isla is a UK resident and a senior executive at a large multinational firm. She has been subject to the tapered annual allowance since its inception in 2016/17. Her total…
One Day A Week dedicated to NHS Staff for a 15 minute Zoom Call At Our Cost Our amazing NHS workers are facing an extremely challenging and daunting future. They are essentially putting their lives on the line for us. Day in. Day out. On top of the worries of the coronavirus pandemic, we have…
