PENSION
Positive change is afoot with Pension Rules
Although the current climate makes it difficult to think about your long-term financial plans, the government’s changes to the pension rules may provide you with welcome...
Have you paid too much tax on your pension income?
For deaths after 5 April 2018 there is a welcome simplification. From the date of the account holder’s death they will retain their tax free status. So there will be no...
Auto-enrolment – ignore at your peril!
Automatic £400 penalties for non-compliance are on the increase, primarily for failing to submit a declaration of compliance which given that all other administrative matters...
Lifetime allowance (pensions)
Pension scheme members can now apply to protect their pension savings from the lifetime allowance tax charge using HMRC’s website. The online service replaces the interim...
New state pension
If you were contracted out of the state scheme at any stage, this could affect the amount of new state pension that you will be entitled to. The good news is that if you are...
Reduction in annual pension allowance
From 6 April 2016 there is a phased reduction in the annual allowance that can be contributed to a pension scheme. The excess becomes an unrelieved pension contribution. Two...
Pensions or ISAs
ISAs enable one to receive tax free income... However with the tax breaks available for making pension contributions at present this might be an alternative consideration....
Staging dates and auto-enrolment for pensions – directors
If a director-only company is exempt but receives a staging date notification from The Pensions Regulator, then the company needs to apply for the exemption. If a...
State pension changes from 6 April 2016
The new flat rate state pensions scheme is introduced from this date. The key points to note are:- Individuals will need a minimum of 10 qualifying years to receive any...