The Pensions Regulator is due to release a toolkit to help users of HMRC Basic PAYE tools with their upcoming Auto Enrolment responsibilities. Currently there is no functionality within Basic PAYE tools to process Auto Enrolment, and the Pension Regulator has confirmed that it has no plans to either. Which leaves the roughly 200,000 users … Continue reading Auto Enrolment Toolkit
With all the recent publicity surrounding changes to the rules about Pensions and, of course, the arrival of Auto-enrolment, you may have been prompted to review your pension provision. As a result, you may have discovered you have a “black hole” in your history, where you have lost touch with an occupational pension scheme of … Continue reading Finding A Lost Pension
If you or your spouse/partner has an income between £50,000 and £60,000, your child benefit is clawed back at the rate of 1% for every £100, and for those earning above this, the claw back equals the whole amount of the benefit received. By making additional pension contributions, you could retain child benefits. For example, … Continue reading How Pension Planning Can Help Retain Child Benefit And Save Inheritance Tax
CODE NUMBERS Check your code to ensure you have been given the correct personal allowances, including relief for pension contributions and gift aid donations if liable to higher rate tax. PENSIONS With a general election a few weeks away it cannot be certain that the current generous reliefs will remain in place. It is important … Continue reading Year End Tax Planning – Points for review before 5 April!
For those of you in self-assessment, you know the drill by now…the annual cycle will be all too familiar. Your accountants will soon be issuing reminders through all available channels of communication, hot on the heels of HMRC and their teal green reminders. But before we hit the 6 April and commence on our self-assessment … Continue reading 5 Tax Planning Tips As 5 April Approaches
Now that the self-assessment filing deadline is past it is time to turn our thoughts to any tax planning measures which need to be implemented before the end of the fiscal year on 5 April. Here are a few tips worth consideration: PENSION CONTRIBUTIONS If you are an additional rate taxpayer maximising the contributions in … Continue reading Year End Tax Planning
Child benefit will be withdrawn for high income taxpayers from January 2013. The threshold for this tax change is £50,000 and will be tapered on income from this figure up to £60,000 when no child benefit will be due. The change has been the subject of much controversy. Take two families both with two children. … Continue reading Will you lose your child benefit?