One of the measures affecting pensions announced in the Spring 2017 Budget that was not included in the first Finance Act, concerns a new £4,000 pension input limit for those who are drawing income from their money purchase pension fund. The new flexible drawdown rules introduced from 6 April 2015 has allowed those with money […]
Changes to Pension Tax Relief in the Budget?
There is again speculation about further restrictions to tax relief on pensions in the Chancellor’s Autumn Budget. With the Chancellor looking to increase tax revenues without increasing tax rates, a raid on pension savings is an easy target as the cost of pension tax relief is estimated to be in excess of £35 billion a […]
HMRC beat Glasgow Rangers in supreme court
A scheme using Employee Benefit Trusts (EBTs) as a means of remunerating directors and staff has been defeated by HMRC in a recent Supreme Court case. Such schemes had been used by many employers to avoid PAYE and national insurance contributions (NICs) and involved complicated trust structures and “loans” to the employees. The Supreme Court […]
What do future leaders look like?
True leadership skills must be learned and practiced before they become second nature. So what do future leaders look like and how can you help them to develop their skills? Some members of your team will be high performers but that doesn’t necessarily mean that they will be natural leaders. An individual’s past performance is […]
Thinking of Winding up your Company??
Up until 6 April last year, the distribution of cash to shareholders on the winding up of a trading company by a liquidator, was usually taxed as a capital gain, potentially taxed at just 10% with the benefit of entrepreneurs’ relief. However, last year’s Finance Act introduced a targeted anti-avoidance rule that may tax such […]
Splitting the new income of Married Couples
Where a married couple hold savings accounts and other investments in joint names, the income from those investments is split 50:50 for tax purposes, unless there is an election to allocate the income in accordance with their beneficial interests. This is particularly important where the couples’ marginal tax rates are different now that there are […]
Effective content marketing strategies
Most businesses will at some point, consider creating a content marketing strategy in order to engage with customers. When you develop a content marketing strategy, you should start by thinking about your target audience rather than just looking internally towards your business. Here are a few tips to help you to develop an effective content […]
Have you used your 2015/16 ISA Allowance? & Other Tax efficient investments
Have you used your 2015/16 ISA Allowance? Your maximum annual investment in ISAs for 2015/16 is £15,240. Your investment needs to be made before 6 April 2016. In addition, have you thought about investing for your children or grandchildren by setting up a Junior ISA? In the 2015/16 tax year, you can invest £4,080 into […]
Make charitable payments under Gift Aid to save more tax!
Higher rate taxpayers should make any charitable payments under Gift Aid so that they obtain additional tax relief. The charity will also be able to reclaim the basic rate tax from HMRC making it even better.