PENSIONS - 14.11.2023
Maximise partner’s pension with company cash
Your partner is about to give up work to have a child. She expects to be out of the job market for several years. Meanwhile she wants to keep up her pension savings. Is getting your company to pay her contributions a tax-efficient way to do it?
PENSIONS - 31.10.2023
Changes to pensions auto-enrolment age
New law. On 18 September 2023 the Pensions (Extension of Automatic Enrolment) Act 2023 received Royal Assent. It gives the government the power to: (1) lower the minimum age for eligible jobholders to be automatically enrolled into a workplace pension scheme from 22 years to 18 years; and (2) reduce the minimum earning threshold at which employers must contribute to an eligible jobholder’s workplace pension from £6,240 p.a. to £1 p.a. The latter will be achieved by removing the lower earnings limit threshold from pensions auto-enrolment calculations. ...
TAX CASES - 25.10.2023
Contributions “in specie” do not attract relief
Case. Killick and Co LLP (K) is a provider and administrator of self-invested pension schemes. Where personal cash contributions are paid into these plans by the members, K recovers relief at source from HMRC in the usual way, e.g. a cash contribution of £800 attracts relief of £200, meaning the gross contribution is £1,000. K also permits contributions in specie, i.e. the plans can receive value by contributions of assets (shares in this case). K claimed that relief should apply to in specie contributions as well as cash ones. ...
PAYROLL - 03.10.2023
Workplace pensions for seasonal and temporary staff
According to The Pensions Regulator, some employers who take on seasonal or other temporary workers aren’t following the workplace pension rules correctly. If you’re hiring short-term workers what steps should you be taking?
PAYROLL - 06.09.2023
Demystifying pension tax relief
In August 2023 HMRC reminded employers about the confusing pension scheme tax relief methods but also issued a warning that it’s the employer who is responsible for any resulting underpayment of tax. What do you need to know?
PENSIONS - 10.07.2023
What’s the tax treatment of inherited pensions?
A pension plan is a very tax-efficient way of saving money for later in life. However, some of your clients may die before they can fully utilise their accumulated benefits. What are the key tax considerations in these circumstances?