Since 6th April 2010, high-income individuals (earnings between £100,000 and £125,000) have been required to forfeit their personal allowance by £1 for every £2 of income earned above £100,000. This means that once an individual’s adjusted net income is above £125,000, the personal allowance of £12,500 (19/20) will have been reduced to nil. Does this…Read More
It was announced that there would be an increase to the tapered annual allowance for pensions. There will be a £90,000 increase to ‘threshold income’ – increasing it from £110,000 to £200,000. Broadly speaking threshold income is your net income less your gross personal pension contributions. This means that individuals with a threshold income of…Read More
Ever wondered why the tax year starts on the 6th of April and ends on the 5th of April the following year? Most logical thinkers would question as to why the tax year doesn’t coincide with the calendar year than runs to the 31st of December. In order to get to the bottom of this,…Read More
The annual allowance is a limit on the amount that can be contributed to your pension each year, while still receiving tax relief. The annual allowance is used up through gross pension contributions from you or your employer. The amount will depend on your earnings; the rule is that you’ll get tax relief on pension contributions of up to…Read More
Save on Inheritance Tax by making pension payments into a Self-Investment Pension Plan (SIPP) Funds held in a Self-Investment Pension Plan (SIPP) on the death of the member may be transferred to the ‘nominated beneficiaries’. The member should complete an ‘expression of wish’ form for each pension plan stating to whom they wish the benefit to…Read More
Tax Relief Tax relief means that the amount you spend on certain expenses is deducted from your total income. This effectively reduces your taxable income and therefore the tax you will have to pay. In some cases, such as pension contributions, it may mean that you get tax back in another way; some reliefs are…Read More
What should I consider when making a pension contribution? Annual Allowance There is a limit to the amount that can be contributed to your pension each year while still receiving tax relief. This limit is known as the ‘Annual Allowance’ and is capped at £40,000. The annual allowance applies to all schemes you belong to…Read More
When your parents or grandparents have to move into a care home the dilemma for many families is how they are to afford the fees that such a requirement dictates. Rent One of the most common answers to this dilemma is to rent out the residential property that their loved one has moved away from.…Read More
Never call an accountant a credit to his profession; a good accountant is a debit to his profession.
Charles Lyell
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