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Retirement

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

Time To Review, Or Make A Will?

At the top of the New Year to do list for many individuals is to make or update their Will. Many think this is something to leave until later in life, but it is important to get things in place once property is acquired or when children come along. In the absence of a will, […]

Read more February 7th, 2024

Income Tax On Inherited Pension Funds

Currently, where an individual pension holder dies before age 75, drawdown pensions paid to a successor can generally be received free from income tax. Where the pension holder dies over the age of 75, then the amounts drawn by the successor are taxed at their marginal income tax rate. Note also that the current tax […]

Read more September 6th, 2023

Retirement Planning – Are You On Track?

The closer you are to retirement, the more important your retirement planning becomes. The last five years of work may be some of the most critical of all. If your plans are in place and your pension pot has grown to a level that can provide the income you need in your retirement, you may be […]

Read more July 19th, 2023

Retiring Landlords Fuel Rental Property Crisis

Hamptons Estate Agents estimate that 140,000 buy-to-let landlords who bought property in the 1990s sold their property last year to fund their retirements. Hamptons warn that this is the start of a trend and the number is likely to rise as more of that generation approach retirement. Younger generations generally do not have the money […]

Read more May 24th, 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

Are you selling your business?

Planning to sell your business? Now that the economy is starting to recover, this could be a good time to think about selling your business. Remember that under the current capital gains rules, the first £1 million of an individual’s gains potentially qualify for a 10% rate of tax, provided business asset disposal relief applies. […]

Read more March 9th, 2022

New Year Tax Planning Ideas

At this time of year, we think about New Year’s resolutions. It is also a good time to start planning your tax affairs before the end of the tax year on 5th April. An obvious tax planning point would be to maximise your ISA allowances for the 2021/22 tax year (still £20,000 each). You might […]

Read more January 10th, 2022

Pension Planning

For most taxpayers the maximum pension contribution is £40,000 each tax year, although this depends on their earnings. This limit covers both contributions by the individual and by their employer. Note that the unused allowance for a particular tax year may be carried forward for three years and can be added to the relief for […]

Read more January 14th, 2021

Do You Have A Business will?

For business owners, the opportunity to continue their legacy after death is a major issue both from the point of view of preserving assets which they have built up and the emotional attachment to their company. Having a business interest or shares has a real impact on how you should organise your estate planning. We […]

Read more January 28th, 2020

Gifts Out Of Surplus Income

Inheritance tax only applies to gifts of capital. There is currently a very generous exemption from inheritance tax for regular gifts out of income. In order to qualify for the exemption it is important to set up regular transfers. You must also be able to prove that after the regular gifts you are left with […]

Read more January 9th, 2020

2015/16 Pension Annual Allowance Lapses On 5 April 2019

To utilize the 2015/16 unused relief any additional pension savings would need to be paid to the pension fund by 5 April 2019, otherwise, the relief from 2015/16 will lapse. Note however that for some taxpayers the method of calculating unused relief for 2015/16 is extremely complicated as the government changed the pension rules part […]

Read more September 12th, 2018

Inheritance Tax Planning Using The New Lifetime ISA

The 2016 Budget announced a new “Lifetime ISA” that will be available to those aged between 18 and 40 from 6 April 2017. The Government will add 25% to the amount saved subject to a maximum of £4,000 a year (plus £1,000 from the Government). It seems there will be no requirement that the savings […]

Read more May 11th, 2016