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Pensions Savings Statements are prompting enquiries on annual allowance charges. Here’s a reminder of the special provisions that apply in respect of annual allowance charges of NHS clinicians in England and Wales for the 2019/20 tax year. Many clients working in the NHS will have recently received Pensions Savings Statements for tax year 2019/20 which […]
When we cover our clients’ priorities every year, we discuss many subjects that are important to them or cause concern. For many, who are secure and enjoying life in their 60s and above, thoughts increasingly turn to Inheritance Tax (IHT) and Long Term Care (LTC). Often, a client will have had some experience of one […]
Q. As a Consultant who has had to opt out of the NHS Pension Scheme in my mid 50s, I hear rumours that this tax may be scrapped. Is there any sign of this? A. No, we don’t see any sign that this tax will be scrapped. In fact, HMRC are collecting record amounts of this […]
Q. I have recently sold my dental business and, with the proceeds now in the bank, I’m considering my investment options. As I will have Capital Gains Tax (CGT) to pay, my financial adviser has suggested that I consider investing into an Enterprise Investment Scheme, as I will be able to defer the payment of the […]
As we’re all well aware, the tax system in the UK (and worldwide) is, to say the least (with tongue firmly in cheek), slightly complex and getting your head around it isn’t exactly the best way to spend your valuable time! One tax that is in the news at the moment is inheritance tax (IHT). […]
However, alongside this freedom to take money out of a pension fund, there have been some significant changes to the rules relating to the benefits which can be paid if you die with a fund you have not yet used. Money purchase funds are those where contributions are invested in a fund on your behalf. These are […]
Q. As a high earning dentist, I pay large amounts of income tax. I get it that this goes with the territory, but I want to explore schemes which can help reduce my tax bill. What advice would you give? A. You are of course not alone in wanting to minimise the amount of tax you pay. […]
You may have noticed that Chancellor Philip Hammond has been very busy lately on his mission to raise taxes. The obvious one for our clients in the NHS Pension Scheme has been the lowering of the limit on the Lifetime Allowance (LTA). It has reduced from £1.8m in 2006 to £1m this April (2016)! This […]
Last year we wrote an article on Inheritance Tax (IHT) and how you could mitigate this by using joint life cover payable on second death. This was only a year ago, and already there have been major rule changes announced that can have a major effect on how much your family may have to pay […]
Q. I have heard that the government have introduced a new non-taxable allowance for savers in cash deposit accounts. As we have large cash savings how will this help us? A. This was announced a year in advance last March, and takes effect this April. At the moment savings are taxed at either 20% or 40% depending on […]