A saying brought to us by HMRC in 2010 and still used today as a gentle reminder to file your tax return and look out your cheque book. This saying was first used to introduce the roll out of the tax simplification system…and each subsequent year a further layer of complexity is added. In the […]
Category: Annual allowance advice
High earners falling foul of the Personal & Annual Allowance Taper
In this article we discuss the Personal Allowance Taper & Annual Allowance Taper – what you should be aware of and how to mitigate the impact. As is customary, from time to time, governments introduce new measures to increase the tax intake. From a tax on Candles in the 1780’s, the Window tax of the […]
NHS pension scheme members face unexpected tax bills
In recent months there has been significant press coverage on NHS staff facing unexpected tax bills relating to how they fund their pensions. Many doctors and other high-earners are now asking why they are having to pay more tax for simply being part of, and contributing to, the NHS scheme. Why is this the case? […]
Final Salary Pension Transfers – are they worth the risk?
The number of individuals transferring out of final salary (defined benefit) pension schemes has reached new highs as evidenced by the reported increase in transfer volumes. Willis Towers Watson – the prominent defined benefit pension administrator – for example reported that pension transfers out of their clients’ schemes had increased by a factor of 500% […]
Pension Annual Allowance Advice
Pension funding changes for high earners On 6th April 2016, we will see the introduction of new pension legislation in respect of the annual allowance; the annual limit on which pension funding may attract tax relief, subject to earnings. In recent years, the annual allowance has already been reduced by 84% from its zenith of […]