News

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With the end of the tax year looming there is still time to save tax for 2018/19. Make full use of your ISA allowance - ISAs can offer a useful tax free way to save, whether this is for your children's future, a first home or another purpose. Individuals may invest up to a limit of £20,000 for the 2018/19 tax year. Savers have until 5 April 2019 to make their 2018/19 ISA inv ...

  Minimum pension contributions are set to increase from 6 April 2019:   Duration Employer minimum Total minimum contribution Current contributions 2% 5% 6 April 2019 onwards 3% 8% The Pensions Regulator has produced guidance for employers on dealing with the increase including a letter template to advise employees ...

The end of the Tax Year is just around the corner (5th April 2019) and it would be prudent to make use of certain allowances and reliefs by this date. Here are 8 tips to maximise your tax efficient financial planning . . . Maximise pension tax relief Individuals, up to age 75, can benefit from relief at their marginal rate of income tax on up to 100% of their gross earni ...

The Insolvency Service has urged individuals saving for retirement to protect their pension pots from criminals and ‘negligent trustees'. Research carried out by the Service found that criminals use a range of tactics to convince savers to part with their funds, including persuading individuals to access their pension and invest in unregulated schemes. Pension scam victims lo ...

The Chancellor of the Exchequer, Philip Hammond, has announced that the government will respond to the forecast from the Office for Budget Responsibility (OBR) in the Spring Statement on Wednesday 13 March 2019. The Chancellor may take the opportunity to announce tax changes and consultations. We will update you on pertinent announcements. Internet link: GOV.UK news For mor ...

It may be possible to reclaim some of the inheritance tax (IHT) paid on Estates if the stock market performs badly. IHT on shares is calculated on their value on the day the owner dies, but it may take months for the Estate to complete probate and the shares to be inherited. If the share price falls before the inheritor has taken ownership, the estate may have overpaid IHT. ...

IHT, Tax

There was an interesting article in the Sunday Times on the 20th January 2019. I have extracted some of the points from the article below: When a teenager was invited out for a meal by his Grandparents last week, he assumed it was to celebrate his 18th birthday. So he was flabbergasted to be told — even before the drinks had been ordered — that they had saved £118,000 for him ...

The Government has confirmed, from Wednesday 9th January 2019, it is illegal for companies to make unwanted, unsolicited phone calls to people about their pensions. Companies that break this rule can be fined up to £500,000. One of the most common methods used by scammers to commit pensions fraud is through cold calls, which is why the government has taken action. According ...

The Ministry of Justice has announced changes to Probate Fees from April 2019. Current Fees: £215. £155 if applying through a solicitor. No fee if Estate is valued at less than £5,000. New fees (subject to Parliament approval): Assessed value of Estate Fee £50,000 - £300,000 £250 £300,000 - £500,000 £750 £500,000 - £1M £2,500 £1M - £1.6M ...

Tax, IHT

The Pensions Regulator (TPR) is reminding employers that from 6 April 2019, the amount that will need to be paid into a workplace pension will increase to an overall minimum of 8%, with employers contributing at least 3% of this total amount. TPR is now starting to write to all employers to remind them of their duties. TRP website provides further information on the increases ...