Surge in demand for pension advice amid COVID confusion

The UK has seen a rapid rise in the number of people accessing their pension pots or enquiring about doing so, according to separate findings by Unbiased.co.uk and HMRC.  A combination of pressures triggered by the COVID-19 crisis is driving more Brits to raid their pensions for one reason or another. And although many are … Continue reading “Surge in demand for pension advice amid COVID confusion”

‘You forgot your tax return again…?’

Are you going to meet the 31 January deadline for submitting your self-assessment tax return for the tax year ending 5 April 2019? Or will you spend the time instead thinking of excuses? ‘I forgot.’ ‘I was busy with work.’ ‘It looked complicated so I kept putting it off.’ ‘I didn’t realise I had to do it.’ … Continue reading “‘You forgot your tax return again…?’”

Hurrah! Pension Tax Relief unchanged

Although there had been much speculation, the Chancellor stopped short of major pension changes in his 2018 Budget speech, leaving pension tax relief unchanged. Other than the raising of the Lifetime Allowance in line with the Consumer Prices Index to £1,055,000 for the 2019-20 tax year, the rules surrounding pensions will stay the same. AN … Continue reading “Hurrah! Pension Tax Relief unchanged”

Is inheritance tax too complicated?

The chancellor has requested a review of the “particularly complex” UK inheritance tax regime. What is it that makes inheritance tax so complicated? Chancellor Philip Hammond recently wrote to the independent Office of Tax Simplification (OTS) in order to call for a review of inheritance tax to make sure the system is “fit for purpose”. Official figures … Continue reading “Is inheritance tax too complicated?”

An ISA millionaire – could you make it to £1 million?

The odds on becoming a millionaire through winning the lottery or scooping the Premium Bond jackpot are slim at best. However, with planning, patience and sufficient money available to invest in stocks and shares, by reinvesting all your dividends, and making maximum use of your tax-efficient allowance, it is perfectly possible to become an ISA … Continue reading “An ISA millionaire – could you make it to £1 million?”

Autumn Budget 2017

The Chancellor of the Exchequer, Philip Hammond, has unveiled his Budget to Parliament – here’s a brief summary of some of the measures announced which may affect your own personal finances. Stamp duty land tax (SDLT) abolished for first-time buyers on homes under £300,000 from 22 November First-time buyers of homes worth between £300,000 and … Continue reading “Autumn Budget 2017”

Leave your family a pension – not a tax charge!

Many employer pension schemes now include a Death in Service benefit. But should the worst happen, this apparent perk may cause even more grief for your family if you don’t plan ahead. What are the risks and how can you avoid them? Isn’t it ironic, as Alanis Morissette once sang? Your employer, keen to offer … Continue reading “Leave your family a pension – not a tax charge!”