Article Database - Topic: 'Pensions' - Keyword: 'Allowances'

 
Is there trouble ahead for pension savers? Publication date: 22.06.2020
Article database » Pensions » Allowances
The Upper Tribunal recently ruled for HMRC in a case involving a certain type of pension contribution. There’s now concern that it will claw back tax relief from others in the same situation. Is this something you should be worried about?
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Limitless pension contributions Publication date: 17.04.2019
Article database » Pensions » Allowances
While getting your business off the ground you neglected your pension savings. You want to make up for it now but your advisor tells you that the annual contribution limits will prevent this. Is there a way around them?
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HMRC pension relief calculator fails Publication date: 03.05.2018
Article database » Pensions » Allowances
HMRC pension relief calculator fails..Tax relief. For individuals, tax relief is limited to contributions of £40,000 per year - most people know this. Less well known is that if your income exceeds £150,000 per year the £40,000 annual allowance is reduced. The calculation can be tricky and so HMRC produced an online calculator to help, the trouble...
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annual allowance warnings issued Publication date: 01.11.2017
Article database » Pensions » Allowances
annual allowance warnings issued..Scheme statement. Pension companies are required to send an “annual allowance pension savings statement” if you paid more than the annual allowance (AA) (£40,000) into a pension plan with them. The statements for 2016/17 were issued in September and October 2017. Action required? The latest statements warn that...
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The pensions annual allowance trap Publication date: 25.10.2016
Article database » Pensions » Allowances
A couple of years ago you paid £50,000 into a pension and claimed the tax relief. This made use of your annual allowance, but HMRC says that a little-known rule means you weren’t entitled to it. What is it referring to?
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Pension savings limit reduced Publication date: 16.04.2015
Article database » Pensions » Allowances
Pension savings limit reduced..Lifetime allowance. The 2015 Budget proposed a further reduction in the maximum amount of tax-exempt pension savings an individual can have. Last year the lifetime allowance was cut to £1.25 million; from 6 April 2016 it will be reduced to £1 million. Protecting your fund. If you have a pension fund that you think might...
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Pension lump sums and PAYE loopholes Publication date: 30.03.2015
Article database » Pensions » Allowances
Pensions freedom provides new ways to take lump sums, as long as you’re at least 55. The tax you’ll pay is determined by the usual rules, but they are hazy about the timing. How can you make this work in your favour?
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Will the new lower annual allowance apply to you? Publication date: 05.02.2015
Article database » Pensions » Allowances
After 5 April 2015 anyone aged 55 plus will have freedom to access their pension savings. However, new anti-avoidance rules can restrict tax relief if they make further pension contributions later. What effect will the new rules have?
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Stretching the Taxman’s pension limits Publication date: 15.11.2011
Article database » Pensions » Allowances
From April this year the annual limit for tax relief on pension contributions was slashed. As a quid pro quo the Taxman allows you to bring forward any unused limit from the previous three years. But is there a way you can stretch this further?
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Can you afford not to take a salary? Publication date: 21.09.2011
Article database » Loans » Directors
It can take some time before a new company has enough income to be able to afford to pay its directors. This can mean losing out on tax and NI advantages. But is there a way to achieve these without the company having to actually pay you?
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