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), […]
Wingate’s Discretionary Investment Portfolios: Taking the Burden off Trustees & Attorneys
Making suitable, appropriate, competitive and tax efficient investment decisions is a key challenge for all investors. Decisions need to be made on a wide range of issues including: Amount to invest Choice of contract Choice of contract provider Appropriate level of risk Possibly balancing the need for income and capital growth Selection of individual […]
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 […]
A Welcome Relief: New CGT Measures for Divorcing Couples in the UK
Introduction: In a world where financial matters are often complicated, the UK government has taken steps to ease the burden on separating couples during the emotionally challenging process of divorce. Announced in the Spring Budget, new legislation will introduce capital gains tax (CGT) reliefs for divorcing couples, effective from 6 April 2023. This blog will […]
Not Everything That Counts Can Be Counted
Financial planning is an important part of achieving financial security and getting your affairs in order. It can help you to save and invest your money, become more tax efficient, and plan for significant life events. You can track and measure investment growth, tax saved, even count down the amount of years you have until […]
Pension Planning for Self-Employed: How the Basis Period Changes Will Affect You
Self-employed individuals, including those in a trading partnership, will all pay tax on profits at the same time, under the UK government’s new basis period reform rules, which are set to take effect from the 2025 tax year. The move is an attempt to simplify the self-employed income tax payment process where some traders pay […]
The midlife MOT
The “Mid-Life MOT” website, created by the UK government’s pensions department, provides a valuable starting point for individuals looking to assess their current financial situation and plan for their retirement. The site offers a range of resources and tools, including the “Pension Healthcheck” tool, which helps individuals understand their current pension savings and the amount […]
Begin with the end in mind
When you visit a financial planner, it can be challenging to articulate your goals, which is often a future far away from your present circumstances. ‘The 7 Habits of Highly Effective People’[1] is an important book which offers practical advice on how to become a more effective and successful individual. It encourages readers to develop […]
Divorce and Pensions: Make Sure You Protect Your Future!
With over 113,000 divorces in 2021 and pensions being the largest asset for households aged between 55 and State Pension age (according to the Office of National Statistics – ONS), pensions in divorce proceedings are a topic that can have a significant impact on the final financial settlement for couples. Here are some considerations for […]
Why you should embrace paying capital gains tax (CGT)
Capital Gains Tax (CGT) is a tax levied on the profit you make from selling assets, such as stocks, shares, and other investments. In England & Wales, the profit is broadly calculated as the sale price minus the purchase price and any relevant costs. The CGT rate depends on the amount of income you have […]
