We have updated our guide to actions that could be taken to minimise taxes here. For our clients, some of the key ones are making full use of the ISA and Pension allowances. The only thing we would advise against doing now is disturbing invested assets to make use of these allowances. An example of
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The budget has come and gone with no major changes to taxation. However, there have been some minor changes or clarifications which can have a long-term impact. Below we have listed some considerations there may be before the end of the tax year. To be clear none of this represents advice and you should get
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Last year, Autumn arrived without an Autumn Budget. In fairness, the Chancellor, Rishi Sunak, had already presented one 2020 Budget. This took place last March, and the pandemic made forecasting for 2021/22 all but impossible. The result was that, for the second year running, the Budget was deferred to the Spring. Whether Mr Sunak’s job
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The British Medical Association (BMA) has written to doctors reminding them of the 2019/20 Annual Allowance Charge Compensation Scheme. What is the compensation scheme? The compensation scheme aims to cover annual allowance charges arising in the NHS pension scheme incurred in the tax year 2019/20. The scheme covers NHS England and NHS Wales, but not
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When business owners choose how to take their profits, there is a compelling argument in favour of pension contributions. Dividends may still be the preferred route for most. However, changes in how they are taxed may drive more directors who do not need the income to use employer pension contributions instead. Remember, since April 2018,
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NHS Pensions Savings Statements are prompting enquiries on annual allowance charges. Here is a reminder of the special provisions that apply to annual allowance charges of NHS clinicians in England and Wales for the 2019/20 tax year. Many will have recently received Pensions Savings Statements for tax year 2019/20 and may have questions about their annual
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As well as reviewing the operation of capital gains tax (CGT), the Chancellor asked the Office of Tax Simplification to consider “opportunities to simplify the tax”. What changes could emerge and what could this mean for financial planning strategies for our clients? Charging capital gains made by individuals to income tax If you are taxed
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On 14 July it emerged the Chancellor had written a letter to the Office of Tax Simplification (OTS) requesting it ‘undertake a review of Capital Gains Tax (CGT)’. Curiously, there was no announcement of the letter on the Treasury website. The tone of the correspondence is distinctly different from Mr Hammond’s letter requesting a simplification
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It is no secret the Government debt has reached epic levels. With interest rates being as low as they are, it is accepted that servicing the debt may not be as challenging as the size of the debt would (superficially at least) indicate. Low to negative yield Government Bonds (Gilts) are being bought by the
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We have updated our guide to actions which could be taken to minimise taxes here. For our clients, some of the key ones are making full use of the ISA and Pension allowances. The only thing we would advise against doing now is disturbing invested assets to make use of these allowances. An example of
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It is an unbelievable 500 days since the last Budget in October 2018. The Chancellor, Rishi Sunak, has only been in the job a few weeks and to say the Budget will have represented a challenge for him is a massive understatement. Even more so given current world events. Budget Day started with an announcement
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On Friday 7th February, the House of Commons Library (HoCL) issued a briefing paper entitled ‘Reform of Pension Tax Relief’. The following day the front page of the Financial Times (FT) ran a headline “Javid eyes tax raid on high earners”. The article suggested restricting tax relief on contributions to 20% could “raise more than
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The start of the new year is the time when tax planning comes to the fore in the financial planning calendar. It gives enough time to put anything in place before the end of the tax year on April 5th. But does the General Election on 12th December mean tax planning should take place early?
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