PENSIONS - 22.06.2020
Is there trouble ahead for pension savers?
The Upper Tribunal recently ruled for HMRC in a case involving a certain type of pension contribution. There’s now concern that it will claw back tax relief from others in the same situation. Is this something you should be worried about?
CORONAVIRUS - PENSIONS - 21.05.2020
Tax charges temporarily suspended
Age. In most circumstances individuals cannot access pension income until they are 55. However, some have a “protected early pension age” (PEPA) allowing them to access their funds without penalty prior to that. These tend to be individuals in particularly hazardous jobs, e.g. police officers or certain NHS employees, etc. ...
PENSIONS - 17.03.2020
Auto-enrolment threshold changes for 2020/21
New thresholds. The government has set the bands and thresholds for workplace pensions. These apply for paydays on or after 6 April 2020. For employees between 22 and 74 where you pay at the rate of: £6,240 per year, they are entitled to join your workplace pension and contribute to it but they do not have to. Between £6,241 and £10,000 per year, they can choose to join your workplace pension. If they do, both you and they must contribute to it. More than £10,000 per year, you must auto-enrol them in your workplace pension and both you and they must contribute.
PENSIONS - 04.02.2020
Pension contributions - have you fallen into the trap?
HMRC recently stated that many people are failing to declare their liability to pay the pensions annual allowance charge. When does the charge apply and what should you do if you’ve missed it off your tax return?
PROFIT EXTRACTION - 22.01.2020
Company income - time for year-end tax planning
As a director shareholder of your company you’re in a good position to arrange your income for maximum tax efficiency. Now that the end of 2019/20 is in sight what can you do to achieve this?
PENSION CHARGES - 19.12.2019
Check for pensions charges
Pensions were in the news toward the end of 2019, with the focus being on the annual allowance charge. How can you help any worried clients ahead of the 31 January 2020 filing deadline?