New Forest

21/03/2019

Year End Pension Planning

For most taxpayers the maximum pension contribution is £40,000 each tax year, although this depends on their earnings. This limit covers both contributions by the individual and their employer.

Note that the unused allowance for a particular tax year may be carried forward for three years and can be added to the relief for the current, but then lapses if unused. Hence the unused pension allowance for 2015/16 will lapse on 5 April 2019 if unused. Note that under the current rules the net after tax cost of saving £10,000 in a personal pension for a higher rate taxpayer is only £6,000 but there continue to be rumours that this generous relief may be reduced in future.

For further information on Pension Planning, please contact Matthew Magee on 023 8046 1207.

Latest Tweets

Following pressure from a number of professional organisations, the government have conceded to relax the 3 year time limit to sell your property and claim a refund of the 3% SDLT surcharge where the delay in sale was caused by the coronavirus pandemic.
https://www.hwb-accountants.com/news-guides/news/good-news-for-those-out-of-time-to-claim-a-stamp-duty-land-tax-refund/

The main thrust of the Summer Statement was to introduce measures to avoid widespread redundancies. In addition news for the hospitality sector of the temporary reduction in VAT to 5% & 50% discount for food in catering establishments in August.
https://www.hwb-accountants.com/wp-content/uploads/Summer-Statement-2020.pdf

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