2023 could be the opportunity year for self-employed pension savers
The way self-employed profits are calculated for tax is changing. As part of HMRC’s tax administration strategy “Making Tax Digital”, the current 12-month accounting year is switching to tax years from April 2024. If your profits are calculated on a different basis (i.e. if your business year-end is not between 31st March and 5th April), […]
Make hay whilst the sun shines on Pensions, you could save £20,000 more a year!
HMRC has recently increased the pension annual allowance from £40,000 to £60,000. This change could have a significant impact on the retirement planning of many people, especially high earners (anyone earning over £40,000). The annual allowance is the amount of money that can be contributed to a pension each tax year while still receiving tax […]
Pensions’ Lifetime Allowance abolished with effect from 6th April 2023
The UK Government has announced in this month’s budget (Spring Budget 2023) that the Lifetime Allowance (LTA) for pensions will be abolished. The LTA is a limit on the amount of money that an individual can save into their pension without incurring additional taxes. This decision could have a significant impact on those who are […]
What is the Lifetime Allowance?
Whilst there is no limit on the benefits an individual can receive or accrue in a pension, there is an allowance above which a tax charge is payable. This is known as the Lifetime Allowance (LTA). In summary the LTA is the maximum amount that can be accumulated in all pension plans without incurring a […]
Pensions – something to get excited about
One of the cornerstones of conventional financial planning is making use of pension allowances. For most people an annual allowance of up to £40,000 is available in a tax year (April to April). For those with adequate earnings and sufficient means it is possible to squeeze a total of £160,000 into a pension during this […]
Are you taking too much risk with your investments?
The FCA announced recently that it is to introduce new rules for high-risk investments. It saying that too many people are still investing in inappropriate investments and that they are concerned that too often consumers are investing in high-risk investments they don’t understand which can lead to significant and unexpected losses. Unbelievably (for some, including me) […]
