How to plan your finances ahead of retirement.
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NEW PENSION REFORMS EXPLAINED
On the evening of Monday 10 July 2023, Chancellor Jeremy Hunt delivered a speech at Mansion House in the City of London which he framed as “looking further ahead”, rather than just dealing with the immediate inflationary issues the country faces.
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Government Gateway and Pensions
HMRC is increasingly using the online tax accounts, or Government Gateways to allow you to access your tax information and forms such as tax calculations for mortgages.
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TAX RELIEF ON PENSIONS
Tax relief is one of the best features of using a pension to save for retirement.
When you pay into your pension, some of the money that would have gone to the Government as tax goes instead into your pension pot, which can help reduce the amount of tax you pay and boost your savings.
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RETIREMENT PLANNING
With the rising costs of living affecting every aspect of almost everyone’s finances, there’s no time like the present to start considering your retirement plans.
(more…) Read MoreUTILISING YOUR PENSION TO CUT INHERITANCE TAX
Inheritance tax was thought to be ripe for reform in last year’s Autumn Budget but, as it happened, it was left untouched for another tax year.
(more…) Read MorePension Options at the age of 55
Despite remaining complex, pensions offer you far more flexibility from the age of 55 (rising to 57 from 6 April 2028) than was once possible.
If you are approaching 55, you might be feeling a twinge of trepidation or excitement that you could soon become “a
pensioner” as this is the age at which you are allowed to access some pension savings.
THE PENSIONS LIFETIME ALLOWANCE
Traditionally, most people get nowhere near breaching the
pensions lifetime allowance, but that’s likely to change
over the next five years.
The lifetime pensions allowance is currently £1,073,100.
(more…) Read MoreHow to Plan For Your Retirement
If you have a defined contribution pension scheme – whether private or through your employer – your retirement savings have probably been hit quite hard by the COVID-19 pandemic over the past 12 months.
(more…) Read MoreTRACING LOST PENSION PLANS
Helping you plan for your retirement is one of our core services, ensuring you are prepared when the time comes to call it a day.
With medical advances enabling more people to live for longer, the average person who retires at 65 lives for another 20 years.
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SAVING FOR YOUR RETIREMENT
Are you on track for a comfortable retirement?
All of us dream of the day we can retire, saying goodbye to the alarm clock and commute, filling our days with sun-soaked beach holidays, leisurely rounds of golf, or cruising the world.
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THE TAPERED ANNUAL PENSION ALLOWANCE
The tapered annual pension allowance for high net-worth individuals was in the headlines again recently.
Concerns were raised that its impact on doctors within the NHS pension scheme is prompting high-earning NHS staff to leave their posts or reduce their hours.
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July 2018 Tax Insider
This months edition includes:
– ‘Raise the VAT threshold to stimulate SME growth’
– SMEs miss out on business savings interest
– Calls increase for reform of ‘flawed’ apprenticeship levy
– Working pensioners pay £8.6bn in income tax
TQOTW: CLASS 4 NIC CHANGES
I understand that Class 2 NIC is finally being abolished from 6 April 2019. This means that those of my self-employed client with losses or low profits who want to protect their state pension contribution record will have to pay Class 3 contributions which are considerably more expensive. Will there be any alternatives? (more…)
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