Latest News with Tax tag

Self Assessment Deadline Looms: Useful Info & Tips

14th January 2016

It’s that time of the year again. No, we don’t mean diets, gym memberships and other New Year’s resolutions.  Self assessment for the 2014-15 tax year must be filed and tax paid by 31 January 2016. Some Fun Statistics Released by the HMRC As the HMRC has just announced, the latest holiday season saw record […]

Use Allowances to Minimise Taxes in Retirement

3rd January 2016

Most people will have accumulated a range of assets and potential income sources when they reach retirement, including pensions, ISAs, bonds, investment funds and more.  Each of these is treated differently from the tax perspective.  Therefore, which ones to draw cash from and which ones to leave untouched and keep growing can have vast implications […]

Dividend Tax Changes and Profit Extraction in 2016

13th December 2015

For most company owners, profit extraction simply means salary vs. dividends. There is usually a relatively straightforward way to determine the best salary level, which often ends up being quite low, and pay the rest in dividends.  In April 2016 the math will become less simple and less favourable for most taxpayers.  The dividend tax […]

State Pension Top-Up: Is It Worth It?

6th December 2015

Since 12 October some people have the option to top up their State Pension and receive up to £25 per week extra, in exchange for a lump sum payment which needs to be made by 5 April 2017.  It represents an attractive investment opportunity for many savers, although depending on personal circumstances it may not […]

Autumn Statement 2015: Key Points on Pensions

30th November 2015

Unlike this year’s Budget speech and several other recent occasions, Chancellor George Osborne has not announced any major changes in his Autumn Statement, as far as pensions and related tax issues are concerned. The widely anticipated tax relief overhaul has not been discussed and will most likely appear in next spring’s Budget. That said, there […]

Buy-to-Let Tax Changes and What You Can Do

1st November 2015

Buy-to-let has been an effective way to provide additional income and save for retirement, helped by record low interest rates, the UK’s notorious housing shortage and favourable tax treatment.  However, following the changes announced by George Osborne earlier this year, its best years might be coming to an end. Interest Tax Relief Changes The reform […]

Lifetime Allowance Planning Options

25th October 2015

Pension plans are among the most effective ways to save for retirement, thanks to their tax and other advantages. That said, the Lifetime Allowance (LTA) limits the total amount an individual can accumulate and draw under the favourable tax treatment.  Any pension savings beyond the LTA are subject to tax of 25% (in case of […]

Pension Death Benefit Nominations More Important than Ever

18th October 2015

Major British investment companies such as Hargreaves Lansdown or AJ Bell have reported enormous increase in pension death benefit nomination updates since April.  The recent reform has changed the rules governing death benefits and their taxation, opening up interesting tax saving opportunities and making the nomination forms more important than ever before. Pension Death Benefit […]

All About Income Tax

22nd September 2015

As the saying goes, nothing as certain as death and tax – income tax is inevitable for anyone employed with an income.  This is the tax you pay on your income and this article introduces you to different tools to help you work out your tax. For an individual, income tax could be, however not […]

National Insurance: How Much Should You be Paying?

21st July 2015

National Insurance (NI) is a scheme where working individuals make payments towards enjoying benefits. Administered by the HM Revenue & Customs, the NI contribution entitles to one of the most important benefits such as the state pension, amongst many other including bereavement benefits, maternity allowance, incapacity allowance, widowed parent’s allowance, employment and support allowance. If […]