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In his Spring Statement, the Chancellor presented his “back to work” budget with measures aimed to encourage the 8 million or so economically inactive into work. The Office for Budget Responsibility published a fresh forecast, revealing that inflation is expected to drop sharply throughout the year, falling to 2.9% by…

In his Autumn Statement, the Chancellor set out the main Government policies of stability, growth and public services. The Office of Budget Responsibility (OBR) confirmed that the UK economy is in a recession. It predicts inflation will average 9.1% this year, falling to 7.4% next year, although this remains far…

A lot of people that we talk to are not aware that a minor can own a pension and they are often even more bemused when we speak about the possibility of paying into one for someone who may still be a baby! However, as we always point out to…

Tax Year End Planning – Maximising the benefit of your contributions Normally at this time of year, we would be contacting our clients to ensure that they utilise their annual allowances where affordable and to consider making pension contributions to maximise tax reliefs and to reclaim the lost allowances or…

Chancellor Rishi Sunak provided an additional £65bn of fiscal support in today’s Spring Budget, promising the UK Government will do “whatever it takes” to support the UK economy, which is expected to bounce back more slowly than expected this year. The Office for National Statistics (ONS) now expects the UK…

Since the pension freedoms were introduced in 2015, this has given individuals much more flexibility over how they can take the benefits from their pensions.  You can now take your benefits as and when you need them without restriction as long as you are over the age of 55 (57…

Increased thresholds but lower maximum contributions for those affected The annual allowance taper affects high earners and results in a reduction in their annual allowance, reducing the tax relievable amount that they are able to pay into pensions each year. The taper was originally introduced in 2016 but changes were…

In the current tax year, (2020/21) the first £12,500 of everyone’s income is tax free (the Personal Allowance).  However, for those earning in excess of £100,000, the Personal Allowance is tapered by £1 for every £2 earned in excess of £100,000.  This means that for those earning £125,000 or more,…

In the current climate, redundancy is a hot topic with so many companies struggling and unfortunately having to let staff go. Currently, you will become entitled to redundancy if you have been working as an employee for a company for two years or more.  The statutory minimum redundancy that your…

What is it? The child benefit tax charge comes into play when an individual or their partner earns in excess of £50,000.  This applies if someone else gets Child Benefit for a child living with you and they contribute at least an equal amount towards the child’s upkeep and it…