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Pension

HMRC Contacts Self-Employed About National Insurance Gaps

HMRC is writing to some self-employed individuals whose National Insurance (NI) records may contain gaps that could affect their State Pension. If you receive a letter, don’t ignore it. In some cases, you may be able to boost your State Pension by making voluntary NI contributions for missing years going back as far as 2015-16. […]

Read more September 10th, 2026

Inheritance Tax Update 2025

Inheritance Tax (IHT) can apply to certain lifetime transfers/gifts and also on the value of an individual’s estate at the time of death. The IHT nil rate band is £325,000, with an additional £175,000 ‘residence nil rate band’ available in some cases for leaving the family home to direct descendants. For any value remaining after […]

Read more December 10th, 2025

Pension Schemes Bill: What Can You Do To Prepare?

The Government’s new Pension Schemes Bill, currently before Parliament, introduces wide-reaching reforms aimed at improving outcomes for pension savers. These changes will not only affect how pensions are administered but also impact scheme selection, cost management, and employee engagement over the long term. Figures released last week suggest that the average worker on an average […]

Read more July 21st, 2025

Still Time For Year End Tax Planning!

With the tax/financial year end approaching, now is a good time to check that you’re making the most of the available reliefs and allowances available to you. Please talk to us if you think any of the issues affect you. Savings If you have some spare cash, an obvious tax planning point might be to […]

Read more February 24th, 2025

Check Your State Pension Entitlement

We previously reported on the HMRC website having a function to check your State Pension Entitlement. HMRC have now developed an app that can help people prepare for their retirement. Individuals can use the app to check their State Pension Forecast, allowing them to: The app can also be used to check National Insurance contribution (NIC) […]

Read more December 6th, 2024

Don’t Miss Out On Winter Fuel Payments: Check Your Eligibility For Pension Credit

Many pensioners were dismayed to learn that Winter Fuel Payments are now being restricted to those who are on benefits and Pension Credit. The Winter Fuel Payment is a key benefit to help with increased heating costs during winter that was previously paid to all pensioners. However, with recent changes, the payment is now means-tested […]

Read more September 16th, 2024

Beware The 60% Income Tax Trap

It has recently been reported over half a million taxpayers paid a marginal income tax rate of 60% in 2022/23, up by 23% from the number in 2021/22. This marginal rate applies where an individual’s adjusted net income falls between £100,000 and £125,140, where every £2 income over £100,000 reduces the £12,570 personal allowance by […]

Read more August 15th, 2024

Chancellor Launches Landmark Review To Boost Pensions And Investment

The Chancellor, Rachel Reeves, has announced a significant review aimed at enhancing pension investments, increasing pension pots, and reducing waste in the pensions system. The review was highlighted in the King’s Speech, confirming a new Pensions Bill that could significantly benefit UK pensioners and the broader economy. Here’s an analysis of what the review could […]

Read more August 2nd, 2024

New Digital Service To Check Your State Pension Forecast Launched

A new digital service has been launched that makes it easier to check if you have any gaps in your National Insurance (NI) record that may affect your State Pension entitlement. The service is called Check Your State Pension Forecast and can be accessed via GOV.UK or the HMRC app. You will need to register […]

Read more May 7th, 2024

Inheritance Tax Planning

Many were expecting an announcement from the Chancellor in the Autumn Statement about cuts to, or the possible abolition of, inheritance tax (IHT). Maybe he is saving that for his Spring Budget, but in the meantime, it may be worth utilising the £3,000 gifts annual exemption for 2023/24 and, if available, the unused amount from […]

Read more February 9th, 2024

Year End Tax Planning

It’s not too late to undertake some end of year tax planning. If you have some spare cash, an obvious tax planning point would be to maximise your ISA allowances for the 2023/24 tax year (currently £20,000 each). You might also want to consider increasing your pension savings before 5 April 2024. Use a Lifetime […]

Read more February 5th, 2024

Deadline For Topping Up NI Contributions Extended

With all of the changes to personal pensions in the Spring Budget, maximising the State Pension entitlement should not be overlooked. The full rate of new State Pension increased to £203.85 per week (£10,600 pa) from 6 April 2023; a 10.1% increase over the 2022/23 rate due to the “triple lock” being restored. At least […]

Read more July 3rd, 2023

Pension Lifetime Allowance

The latest Finance Bill will legislate the announcement in the Spring Budget that the Lifetime Allowance (LTA) charge is abolished from 6 April 2023. Individuals will continue to be able to receive 25% of their pension savings as a tax-free lump sum when they become entitled to their pension benefits. From 6 April 2023, for […]

Read more May 9th, 2023

Pension & CGT Annual Allowance

You might want to consider increasing your pension savings before 5 April 2023, if you have available ‘pension annual allowance’ to obtain tax relief for any additional contributions. The pension annual allowance includes any unused elements from the last three tax years as well. Under the current rules, the government adds to your pension contributions […]

Read more March 7th, 2023

Salary Sacrifices – Get The Timing Right

Many employers and employees have been putting in place salary sacrifice arrangements to give up some of their contractual salary in exchange for additional pension contributions or an electric company car. In these specific cases and if correctly structured, the employee is taxed on the lower of the taxable benefit and the salary foregone. In […]

Read more June 9th, 2022