The rules regarding UK residency and UK tax position are not straightforward and we recommend that this is carefully reviewed to ensure your peace of mind. As well as the usual regulations, HM Revenue & Customs’ rules include a 60 day “exceptional circumstance” get out clause. However, this may not […]
Category Archives: Taxable Benefits
12
Oct
Oct
You may be able to claim tax relief for additional household costs if you have had to work at home on a regular basis, this includes if you have to work from home because of coronavirus (COVID-19), either for all or part of the week. Additional costs include things like heating, metered […]
Blog, Budget, Family, Financial Planning, Investments, Later Life, Pensions, Personal Finance, Protection, Tax, Taxable Benefits, Wealth
Advice for young families saving for their future
08
Oct
Oct
Today to support Financial Planning Week are some top tips from our paraplanner Danielle Knowles for young families saving for their future whilst looking after their loved ones… I am Danielle, a 37-year-old mum of two to Charlie 5 and Daisy 3. Working in financial services makes you […]
Blog, Financial Planning, Investments, Later Life, Pensions, Personal Finance, Retirement, Tax, Taxable Benefits, Wealth
Don’t ignore your pension savings statement
22
Sep
Sep
It’s rare nowadays to be in, what used to be called, a “Final Salary” pension. We now call these “Defined Benefit” pensions because they are now not typically based on your final salary but on your service and income levels throughout the period of membership. If you work for the […]
23
Jul
Jul
The deadline for submission of forms P11D and P11D(b) to HMRC advising of benefits in kind provided to employees, is 7 July 2021. Employers need to look at this now, particularly as the provision of company cars and furlough may provide problems. A benefit in kind tax charge arises where […]
23
Jul
Jul
If the income of you or your partner exceeds £50,000 then High-Income Child Benefit Charge (HICBC) applies. However, during the Coronavirus pandemic, many people suffered a reduction in income and this therefore may need review. The furlough scheme caps the grant at £2,500 a month, so where income has not […]
26
May
May
Former Labour Chancellor Roy Jenkins famously described Inheritance Tax as: “A voluntary levy paid by those who distrust their heirs more than they dislike the Inland Revenue.” Inheritance Tax is now nearly 35 years old, but the comments made by Jenkins back in the day still hold a kernel of […]
Blog, Family, Financial Planning, Pensions, Personal Finance, Retirement, Tax, Taxable Benefits, Wealth
What happens to my pension when I die?
20
Sep
Sep
One of the most regularly asked questions I get from clients is “what happens to my pension when I die”. Your pension can be your largest asset, often exceeding the value of your home. The rules governing pensions can be complex and have changed significantly in recent years. What happens […]
Blog, Financial Planning, Healthcare, Later Life, Pay, PAYE, Payroll, Pensions, Personal Finance, Retirement, Tax, Taxable Benefits, Wealth
NHS Pensions – handy hints to plan your exit
10
Sep
Sep
For most of the doctors I meet, their NHS Pension will underpin their retirement planning. So, it’s probably a good idea to get clued up/take some advice if you have a specific date/lifestyle in mind! Here’s what you should be thinking about: We think it’s a good idea to determine […]
Blog, Family, Financial Planning, Pensions, Personal Finance, Retirement, Tax, Taxable Benefits, Wealth
Self employed millennials heading for a rocky retirement
04
Jul
Jul
Recent research from Fidelity suggest that those who are self employed between the ages of 23 and 38 (millennials) are not saving enough for retirement. Two in three young self-employed workers surveyed by the investment firm and pension provider said they had no pension savings whatsoever, with nearly three-quarters of […]